Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has 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, a global network of professional firms.

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 centres, such as the UK, Singapore, India, the US, Hong Kong, China, Australia, the UAE and Africa, among others.

Wai Lum Kwok, executive director of Capital Markets, Financial Services Regulatory Authority of ADGM, said: “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.

“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.”

Jan Reinmueller, head of Digital Village, KPMG in Singapore, said: “The FinTech Abu Dhabi Innovation Challenge opens the doors for FinTech start-ups 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 start-ups, 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 October 22 and 23. 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 September 17, 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. – TradeArabia News Service