Based in Abu Dhabi, the Abu Dhabi Global Markets launched an innovation program in which several applicants all over the world applied for the Innovation Challenge. The figure of the applicants stand at 166. The applicants are from 39 countries across the globe.
Incredibly, this is the maiden edition of the innovation program which was spearheaded by the collaboration between Abu Dhabi Global Markets and KPMG Digital Village.
Mr. Wai Lum Kwok, Executive Director of Capital Markets, Financial Services Regulatory Authority of ADGM spoke about the tremendous response from the FinTech section of the tech community.
Here’s what he said, “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.”
He added, “FinTech is about integrating the latest cutting-edge technologies into everyday financial services, and normalising them. At ADGM, we want to walk the talk when it comes to innovation. By working closely with our FinTech partners, the FinTech Abu Dhabi Innovation Challenge will help to foster a conducive ecosystem that is will both support our growth today and will build the economy of tomorrow.”
The Innovation Challenge program which is expected to kick start on 17 September 2017, will see 10 startups selected from the 166 applicants who will go on the course of a five-week training.
Mr Jan Reinmueller, Head of Digital Village, KPMG in Singapore, also spoke about the Innovation Challenge saying, “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.”
Majority of the applicants are from the UK, Singapore, India, USA, Hong Kong, China, Australia, UAE and some countries in Africa. Applicants that are able to succeed at the Innovation program phase will have the chance to pitch their products at the Innovation Challenge Demo Day in Abu Dhabi.