Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre in Abu Dhabi, is pleased to launch a new initiative FinTech 50 and the third edition of its signature Innovation Challenge as part of the FinTech Abu Dhabi Festival 2019 (“FinTech Abu Dhabi”).
The much-anticipated ADGM Innovation Challenge poses a set of FinTech problem statements (refer to Annex A for details on the problem statements) that represent the various challenges that financial institutions, corporates and consumers face in the United Arab Emirates (UAE) and the wider Middle East, Africa & South Asia (MEASA) region. Applications to the Innovation Challenge are now open until 23 September 2019. Selected FinTech applicants will be invited to Abu Dhabi to showcase their solutions to potential business partners and delegates during FinTech Abu Dhabi 2019 from 21 – 23 October 2019. For more information on the Innovation Challenge, please click here: https://www.fintechabudhabi.com/fintech-abu-dhabi-innovation-challenge
FinTech start-ups and scale-ups with innovative and market-ready solutions to these problem statements, and who want to expand into MEASA, are invited to apply to the Innovation Challenge and be part of the wider FinTech community.
Mr Richard Teng, CEO, Financial Services Regulatory Authority of ADGM, commented:
“We are excited to launch FinTech 50 and the 3rd FinTech Abu Dhabi Innovation Challenge to discover more FinTech firms and provide them with the opportunity and platform to spread their wings.
As a global FinTech hub and ecosystem enabler, ADGM has established a robust plug-and-play platform for innovators, start-ups and investors to grow and succeed. This year, we have numerous exciting initiatives including Hub71 Abu Dhabi, the Catalyst Fund, to support the tech and FinTech start-up community in Abu Dhabi and the region. We will be bringing FinTech Abu Dhabi and a slice of the Innovation Challenge action to various FinTech hubs across the world. We look forward to bringing the top innovators and investors to Abu Dhabi from 21 – 23 October 2019 to showcase our FinTech community and create new business opportunities at FinTech Abu Dhabi.”
Global Outreach to Begin in Multiple Cities
To enable more participants to be part of the ADGM’s FinTech ecosystem, a series of Innovation Challenge pitching events will be held in various cities across the world as part of our global outreach for FinTech Abu Dhabi. FinTechs with promising solutions to the Innovation Challenge will be invited to demo their solution at one of the city locations in Asia, Europe, MEASA, and North America.
Best FinTech 50 – New Initiative
From the pool of global applicants for the Innovation Challenge, the best 50 will be selected (the “FinTech 50”), and invited to FinTech Abu Dhabi 2019. The FinTech 50 will be given the opportunity and access to meet potential investors, partners and customers, and exhibition space at FinTech Abu Dhabi 2019.
12 Finalists to be Matched with Financial Institutions and Corporates
Up to 12 finalists from the Fintech 50 will be selected by a global judging industry panel to demo their solutions on the main stage at FinTech Abu Dhabi 2019. These finalists will have the opportunity to be matched with financial institutions and corporates in the UAE to develop Proofs-of-Concept that can be deployed in Abu Dhabi and the wider UAE. Two of these finalists will be selected to represent the Middle East at the 2019 Singapore FinTech Festival’s Global FinTech Hackcelerator competition.