Abu Dhabi Global Market (ADGM) and KPMG have collaborated to launch the first ever FinTech Abu Dhabi Innovation Challenge, enabling startups to access solutions to support their businesses.

The Innovation Challenge, as part of the inaugural FinTech Abu Dhabi event on 22 and 23 October 2017, includes an intensive five week program, which will allow innovative and mature startups 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).

During the programme, 10 finalist teams will work on developing solutions to specific problem statements, divided into six focus areas: financial and investment management, financial inclusion, RegTech, trade finance, InsurTech and private capital markets.

Wai Lum Kwok, executive director (capital markets), Financial Services Regulatory Authority of ADGM, commented: “We are excited to team up with KPMG in developing and organising the FinTech Abu Dhabi Innovation Challenge. 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.”

In separate news, ADGM has also partnered with the International Financial Centre in Abu Dhabi and the Responsible Finance & Investment Foundation (RFI) to bolster the growth and sustainability of the FinTech ecosystem through financial inclusion and ethical and responsible finance practices.

This partnership establishes an open platform for both RFI and ADGM to share expertise and knowledge, as well as to create joint efforts which will enhance and strengthen the FinTech ecosystem that ADGM has initiated for the MENA region in March 2016. ADGM and RFI will also work closely to enable and assist investors, FinTech entrepreneurs and innovation firms in testing and introducing innovative products, services and solutions within a well-structured and conducive environment under the ADGM Reglab programme.

Blake Goud, chief executive officer of the RFI Foundation said: “FinTech has a major opportunity to transform how Islamic financial institutions connect with their customers and promote a unique and differentiated approach to financial services. We are optimistic that this partnership with ADGM, building on the regulatory environment they have created in Abu Dhabi, can encourage and support emerging FinTech companies to adopt ethical, responsible and Islamic approaches.”

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