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FinTech Abu Dhabi Innovation Challenge Seeks Start-Ups With Unique Solutions

23 August, 2017
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FinTech Abu Dhabi 2017, set to take place October 22-23, is looking for bright minds and start-ups that want to create solutions for the financial services industry to take part in its Innovation Challenge.

The FinTech Abu Dhabi Innovation Challenge, organized by the Abu Dhabi Global Market and KPMG, includes a five-week program that “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,” according to a press release.

The top 10 teams that make it to the final round will get the chance to work on developing solutions to six problems areas that are broken down into the following categories: financial and investment management, financial inclusion, RegTech, trade finance, InsurTech and private capital markets.

Their solutions will be showcased at the FinTech Demo Day to a panel of experts, and each finalist will also be given access to a number of resources that could catapult their ideas forward, including mentoring sessions, opportunities to network and expand in the MEASA financial services sector and access to industry leaders. They will also win a cash stipend worth $15,000 to cover costs.

“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,” said Wai Lum Kwok, the Executive of the Financial Services Regulatory Authority of ADGM, about the challenge.

Umair Hameed, a Financial Services Partner at KPMG in the Lower Gulf, commented on the challenge by saying: “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 country into a diversified, knowledge-based economy."

Submissions will be accepted until August 25, and interested participants can apply here.

The inaugural FinTech Abu Dhabi event was established in order to provide a platform for financial institutions, start-ups in the field, investors, and the business community to network and collaborate. Aside from the Innovation Challenge, the event will also feature a summit, demo day and the FinTech Awards presentation.  The summit’s speakers will include Plug and Play Founder and CEO Saeed Amidi, Sofi Founder Mike Cagney, Wamda Capital Executive Chairman Fadi Ghandour, and several others. 

Photo credit: Shutterstock

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