Abu Dhabi Global Market attracts 166 global startup applications for its FinTech Abu Dhabi Innovation Challenge
Source: markettiers MENA for FinTech Abu Dhabi , Author: Posted by BI-ME staff
Posted: Fri September 8, 2017 11:06 am

UAE. Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced that it had received 166 applications from over 39 countries for its inaugural FinTech Abu Dhabi Innovation Challenge. 

The impressive global participation was achieved in under two weeks of outreach activities coordinated by both ADGM and KPMG. All applicants have proposed game-changing innovations that address real-life business issues which affect the financial services industry in the Middle East, Africa and South Asia (MEASA) region.

They have also included solutions that cover a range of concepts including Financial and Investment Management, Financial Inclusion, RegTech, Trade Finance, InsurTech and Private Capital Markets.

The majority of applications were from major international FinTech markets and emerging centers, such as the UK, Singapore, India, the USA, Hong Kong, China, Australia, the UAE, Africa, to name a few.

Mr. Wai Lum Kwok, Executive Director of Capital Markets, Financial Services Regulatory Authority of ADGM, commented: “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.”

He continued: “FinTech is about integrating the latest cutting-edge technologies into everyday financial services, and normalizing them.  At ADGM, we want to walk the talk when it comes to innovation. By working closely with our FinTech partners, the FinTech Abu Dhabi Innovation Challenge will help to foster a conducive ecosystem that is will both support our growth today and will build the economy of tomorrow.”

Mr Jan Reinmueller, Head of Digital Village, KPMG in Singapore, commented: “The FinTech Abu Dhabi Innovation Challenge opens the doors for FinTech startups 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 startups, and look forward to working with the 10 finalists in this programme.”

The FinTech Abu Dhabi Innovation Challenge, organized 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, following which 10 successful start-ups will be shortlisted and will be put forward to benefit from a five-week training.

Estimated to launch on 17 September 2017, this program has been designed as an intensive five-week training with the objective to enable the successful applicants to contextualize and enhance their solutions, while being mentoring and guided by industry champions.

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.

About Fintech Abu Dhabi 2017
Bringing together global and local financial institutions, FinTech start-ups, investors, regulatory agencies and the business community to network,  collaborate  and  exchange  expertise  and knowledge in FinTech developments in Abu Dhabi, the wider MENA region and on a global scale.

For more information on the ADGM’s FinTech Abu Dhabi event, please visit www.fintechabudhabi.com. You can also follow us on @FinTechAD, #FinTechAD and #InnovationChallengeAD

About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial center located in the capital city of the United Arab Emirates, opened for business on 21 October 2015.

In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global center for business and finance that connects the growing economies of the Middle East, Africa and South Asia.

ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.

Established by a UAE Federal Decree as a broad based financial center, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management - and will continually expand its financial services in response to the needs of its businesses and marketplace.

For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket, @FinTechAD.

About KPMG International
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have more than 189,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

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