Abu Dhabi Global Market (ADGM) and KPMG have come together to launch the first ever FinTech Abu DhabiInnovation Challenge on 22 October 2017 in Abu Dhabi to enable start-ups access industry-leading solutions that may help entities address emerging business challenges in the financial services industry.
The Innovation Challenge, as part of the inaugural FinTech Abu Dhabi event on 22 and 23 October 2017, includes an intensive five week program, which will allow innovative and mature start-ups to conceptualize and presentmarket-ready solutions that can address real business challenges identified inthe financial services industry in the Middle East, Africa and South Asia (MEASA) region.
During the programme
10 finalist teams will work on developing solutions tospecific problem statements, divided into six focus areas: Financial andInvestment Management, Financial Inclusion, RegTech, Trade Finance,InsurTech and Private Capital Markets.
The finalists will showcase their solutions at the FinTech Demo Day in AbuDhabi to a panel of industry experts. Each finalist will benefit from a number ofdifferent sessions, including start-up initiation and mentoring sessions,opportunities to enter or expand into the MEASA financial services sector andjoin adoption programs and collaborative ecosystems in the MEASA region, access to guidance and support from industry leaders, subject-matter experts and regulatory authorities, and fast-tracked consideration for admission toADGM’s Regulatory Laboratory (RegLab) programme. They will also win a US$15,000 cash stipend to cover any costs associated with travel matters and/or accommodation.
Mr Wai Lum Kwok, Executive Director (Capital Markets), Financial Services Regulatory Authority of ADGM, commented:
“We are excited to team up with KPMG in developing and organizing the FinTech Abu Dhabi Innovation Challenge. 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.
As an International Financial Centre and leading FinTech Hub, ADGM will continue to keep its finger-on-the-pulse, listening to and anticipating the needs ofour market, working closely with our FinTech bridges and partners, and maintaining an open and conducive ecosystem that is relevant today, and builds the economy of tomorrow.”
Mr Umair Hameed, Partner, Financial Services, KPMG in the Lower Gulfsaid:
“The FinTech Abu Dhabi Innovation Challenge is truly a progressive initiative for the industry, and KPMG along with ADGM is very pleased to be able to lend its support and assist emerging start-ups in the region to achieve their objectives. The industry has a responsibility to support and encourage innovation, especially across start-ups in the UAE in line with the UAE Vision 2021 which aims to transform the country into a diversified, knowledge-based economy.
“Together with ADGM, KPMG will use the combined strength of our renowned Financial Services sector insight and our global network of expertise to help prepare and equip mature start-ups for the competitive business environment ahead of them.”
Individuals and mature start-ups with a working prototype and go-to-market strategy are encouraged to apply to the FinTech Abu DhabiInnovation Challenge via https://matchi.biz/Abudhabifintech. The call for submissions for the program is already open and submissions will be accepted until 25 August 2017.
Two Innovation Challenge winners will be announced on 22 October 2017. These winners will have the opportunity to demonstrate their solutions at the upcoming Global FinTech Hackcelerator in Singapore.
The FinTech Abu Dhabi event is a platform for financial institutions, FinTechstart-ups and participants, investors, regulatory agencies and the businesscommunity to network, collaborate and exchange knowledge in FinTechdevelopments in Abu Dhabi, the wider MEASA region and on an international level. The event will include a Summit, Innovation Challenge, Demo Day, and FinTech Awards presentation.
Application Window: 6 to 25 August 2017
