Abu Dhabi Global Market and KPMG Attract Over 160 Applicants in Under Two Weeks!

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 in just two weeks.

All applicants 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. Other solutions also 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 centers, such as the UK, Singapore, India, the USA, Hong Kong, China, Australia, the UAE, Africa, to name a few.

Mr. Wai Lum Kwok, Executive Director of Capital Markets, Financial Services Regulatory Authority of ADGM, commented: “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.”

The FinTech Abu Dhabi Innovation Challenge, organized by ADGM and KPMG, is part of the first FinTech Summit in the region, between 22 and 23 October 2017. 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.

Mr. Jan Reinmueller, Head of Digital Village, KPMG in Singapore, commented: “The FinTech Abu Dhabi Innovation Challenge opens the doors for FinTech startups 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 startups, and look forward to working with the 10 finalists in this programme.”

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