Abu Dhabi Global Market, ADGM, finally announced the launch of a new initiative, ‘FinTech 50’, and the much anticipated third ‘Innovation Challenge’, as part of the FinTech Abu Dhabi Festival 2019.
The Abu Dhabi Innovation Challenge poses a set of FinTech problem statements based from various challenges that financial institutions, corporates, and consumers face in the UAE and the wider Middle East, Africa and South Asia, MEASA, region. Applications to the Innovation Challenge are now open until 23rd September 2019. Selected applicants will be invited to Abu Dhabi to showcase their solutions to potential business partners and delegates during FinTech Abu Dhabi, from 21st – 23rd October, 2019.
FinTech start-ups and scale-ups with innovative and market-ready solutions
are invited to apply to the Innovation Challenge and be part of the wider FinTech community. The CEO of Financial Services Regulatory Authority of ADGM, Richard Teng, commented, “We are excited to launch FinTech 50 and the third FinTech Abu Dhabi Innovation Challenge to discover more FinTech firms and provide them with the opportunity and platform to spread their wings. ADGM, as a global FinTech hub and ecosystem enabler, has created a robust plug-and-play platform for innovators, start-ups, and investors to grow and succeed.”
To encourage more participants to be part of the ADGM’s FinTech ecosystem, a series of pitching events will be held in various cities across the world as part of FinTech Abu Dhabi’s global outreach. The best 50 will be selected the ‘FinTech 50’ and invited to FinTech Abu Dhabi 2019 from the pool of global applicants.
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. 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. The finalists will have the opportunity to be partnered 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 the finalists will be selected to represent the Middle East at the 2019 Singapore FinTech Festival’s Global FinTech Hackcelerator competition.