Abu Dhabi Global Market (ADGM) and KPMG have partnered to launch the first ever FinTech Abu Dhabi Innovation Challenge which aims to identify ‘innovations for the region’s financial services industry’.
The Innovation Challenge, which is part of the inaugural FinTech Abu Dhabi event to be on 22 and 23 October 2017, includes an intensive five-week program, which will allow innovative and mature start-ups to conceptualise and present market-ready solutions that can address real business challenges identified in the financial services industry in the Middle East, Africa and South Asia (MEASA) region.
During the programme, 10 finalist teams will work on developing solutions to specific problem statements, divided into six focus areas: Financial and Investment Management, Financial Inclusion, RegTech, Trade Finance, InsurTech and Private Capital Markets.
The finalists will showcase their solutions at the FinTech Demo Day in Abu Dhabi 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 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 to ADGM’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.
Wai Lum Kwok (pictured), Executive Director (Capital Markets), Financial Services Regulatory Authority of ADGM, says: “We are excited to team up with KPMG in developing and organising 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 of our 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.”
Umair Hameed, Partner, Financial Services, KPMG in the Lower Gulf, says: “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 h e l p prepare and equip mature start-ups for the competitive business environment ahead of them.”
Submissions for the program are already open and 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, FinTech start-ups and participants, investors, regulatory agencies and the business community to network, collaborate and exchange knowledge in FinTech developments in Abu Dhabi, the wider MEASA region and o n a n international level. The event will include a Summit, Innovation Challenge, Demo Day, and FinTech Awards presentation.
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