Abu Dhabi Global Market (ADGM) and KPMG have joined forces to form the ‘FinTech Abu Dhabi Innovation Challenge' to help start-ups address challenges in the financial services industry.
The challenge will feature a five week programme where mature start-ups will be able to conceptualise and present market-ready solutions that will solve real business challenges identified with the Middle East, Africa and South Africa (MEASA) region.
Part of the challenge will see 10 finalist teams develop solutions which are divided into six focus areas: Financial and Investment Management, Financial Inclusion, RegTech, Trade Finance, InsurTech and Private Capital Markets. Thereafter, the finalists will showcase their solutions to a panel of industry experts.
Each finalist will benefit from a number of different sessions, including start-up initiation and mentoring sessions, opportunities to enter or expand into the MEASA financial services sector and join adoption programmes and collaborative ecosystems within the region.
Furthermore they will benefit from guidance and support from industry leaders, experts and regulatory authorities, as well as fast-tracked consideration for admission to ADGM's Regulatory Laboratory (RegLab) programme.
Participating start-ups will also win $15,000 cash stipend to cover any costs associated with travel and/or accommodation.
Mr Wai Lum Kwok, executive director (Capital Markets), Financial Services Regulatory Authority of ADGM, commented: "This is a great opportunity for FinTech start-ups to interact with the brightest minds in the industry to leverage the guidance and mentorship of industry experts to come up with solutions to address and solve some of the sector's challenges and pain-points.
"As part of ADGM's FinTech collaboration with the Monetary Authority of Singapore, the winners will be able to participate in the Singapore Hackcelerator event to demonstrate their innovative solutions."
Individuals and mature start-ups can apply to the FinTech Abu Dhabi Innovation Challenge via https://matchi.biz/Abudhabifintech. Submissions are now open and will close 25 August.
Winners will be announced at the inaugural FinTech Abu Dhabi event on 22 and 23 October 2017.
FinTech innovation challenge for start-ups arrives in Abu Dhabi
Published: 6 August 2017 - 1:43 p.m.
By: Aasha Bodhani