Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has received 166 applications from over 39 countries for its inaugural FinTech Abu Dhabi Innovation Challenge.
The majority of applications were from the UK, Singapore, India, the USA, Hong Kong, China, Australia, the UAE and Africa and all have proposed solutions that address real-life business issues which affect the financial services industry in the Middle East, Africa and South Asia region, covering financial and investment management, financial inclusion, regtech, trade finance, insurtech and private capital markets.
"We are excited to have received such strong support from the global FinTech community in response to our call for innovative solutions to address real business challenges in this region. What is equally impressive is the quality of the solutions that have been proposed and their stage of readiness for production or implementation," said Wai Lum Kwok, Executive Director of Capital Markets, Financial Services Regulatory Authority of ADGM.
"The FinTech Abu Dhabi Innovation Challenge opens the doors for fintech start-ups around the world to enter the Middle East, Africa, and South Asia region. This collaboration between ADGM and KPMG aims to facilitate and enable co-innovation between start-ups and financial institutions, and guide them on their innovation journey. We are very encouraged by the response from the global network of start-ups, and look forward to working with the 10 finalists in this programme," said Jan Reinmueller, Head of Digital Village, KPMG in Singapore.
The Fintech Abu Dhabi Innovation Challenge, organised by ADGM and KPMG, is part of the first FinTech summit in the region, between 22 and 23 October 2017. ADGM and KPMG are currently assessing all the 166 applications, after which 10 successful start-ups will be shortlisted and will be put forward to benefit from five-week training.
Successful applicants will showcase their solutions at the Innovation Challenge Demo Day in Abu Dhabi, featuring distinguished regional and international leaders from the world of FinTech. Applicants will also receive mentorship from industry experts and will be able to explore commercial opportunities within Abu Dhabi and the wider region. The top two teams will be invited to attend and give a demo at the Global FinTech Hackcelerator in Singapore in November.
