Abu Dhabi Global Market (ADGM) and KPMG Lower Gulf Limited (KPMG LG) is launching their second edition of the FinTech Abu Dhabi Innovation Challenge with the aim of further generating new solutions and ideas for the FinTech industry.
Last year’s event was a great success and attracted more than 166 FinTech startups from 39 countries where 10 finalist teams were selected across six focus areas including financial and investment management, financial inclusion, regulatory technology, trade finance, insurtech, and private capital markets. Alternatively, this year’s challenge will mainly focus on “generating real case studies” by using fintech solutions in UAE institutions, which include government entities and regulators.
Curious to know what’s the competition like? The UAE-based institutions will be acting like Corporate Champions for the initiative and will be partnering up with ADGM to distinguish specific business problems that can be solved through FinTech solutions. The two companies, ADGM and KPMG LG will be rolling out their invitations to local and global FinTech entrepreneurs so they can apply to work with the companies. This is then followed by a selection of applicants who will be paired with companies to develop ready-for-adoption solutions.
The final demo day of the challenge will be held on September 17, 2018, during the annual FinTech Abu Dhabi Summit (FinTech AD), where participants will present their ideas in front of an audience.
But what are the applicants getting in return? Well, they’re in it for an exciting journey as they’ll be able to set up their base and operations from ADGM’s Innovation Centre’s co-working space. They will also have access to UAE’s FinTech market by exhibiting their ideas and solutions during FinTech AD 2018. In addition, KPMG LG, a Singapore-established platform that accelerates startups, will be expanding its operations of its Digital Village to the Middle East and will be operating from ADGM’s Innovation Centre.
You can read all about the challenge here.