Abu Dhabi Global Market, ADGM, and service company KPMG have come together to launch the first ever FinTech Abu Dhabi Innovation Challenge on 22nd October, 2017, in Abu Dhabi to enable start-ups to access industry-leading solutions that address emerging business challenges in the financial services industry.

The Innovation Challenge, as part of the inaugural FinTech Abu Dhabi event on 22nd and 23rd October, includes an intensive five week programme 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 programmes and collaborative ecosystems in the MEASA region, have access to guidance and support from industry leaders, subject-matter experts and regulatory authorities and gain 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, Executive Director of Capital Markets, the Financial Services Regulatory Authority of ADGM, said, "We are excited to partner 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 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 said, "The FinTech Abu Dhabi Innovation Challenge is a truly path-breaking initiative for the industry and KPMG, along with ADGM is very pleased to be able to lend its support and enable 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 UAE through a diversified, knowledge-based economy.

"Together with ADGM, KPMG will use the combined strength of our renowned Financial Services sector insight, our global network of expertise and our global partnership with the Fintech start-up community to prepare and equip mature start-ups for the competitive business environment ahead of them."

Source: Wam