Abu Dhabi Global Market (ADGM) and KPMG Lower Gulf Limited (KPMG LG) have launched the second edition of FinTech Abu Dhabi Innovation Challenge (the Challenge)
The challenge aims to drive innovation in the financial services industry. The inaugural Innovation Challenge organised last year generated strong interest among regional financial institutions about the potential benefits of collaborating with fintech start-ups. As a result, this year’s challenge will primarily focus on generating real case studies in the adoption of fintech solutions by major UAE institutions, including government entities and regulators.
The final demo day will be held in conjunction with the annual FinTech Abu Dhabi Summit (FinTech AD), taking place on 17 September 2018 at Fairmont Bab Al Bahr, Abu Dhabi.
Simultaneously, KPMG LG will extend the operations of its Digital Village in the region and will operate from ADGM’s Innovation Centre. Initially established in Singapore, the KPMG Digital Village is a symbiotic ecosystem dedicated to matching, fostering and forging innovation ventures between companies and start-ups. The platform intends to help start-ups as they look to grow to the next stage and equip corporate clients with one of the latest innovation technologies.
UAE-based institutions (Corporate Champions) will collaborate with ADGM to identify a specific business problem that can be resolved by financial technology. Both ADGM and KPMG LG will then issue a global call to action inviting local and global fintech entrepreneurs to apply for the opportunity to work with the designated Corporate Champions. The selected applicants will be paired with the Corporate Champions and will work together to develop ready-for-adoption solutions.
The product of this collaboration will be presented to an audience of international financial institutions, regulators, professional services firms and start-ups at FinTech AD 2018 on 17 September.
The selected Corporate Champions will be given the opportunity to tap into KPMG’s expertise in managing the innovation process and will benefit from a purpose-built prototype solution to a business issue that will improve commercial outcomes. Successful applicants will gain direct access to leading UAE institutions and the opportunity to demonstrate their technological capabilities to potential clients in the wider financial industry during FinTech AD 2018. To help them gain a stronger foothold in the region, ADGM will also allow the successful candidates to set up their base in its offices and operate from its Innovation Centre’s co-working space.
“We are proud to launch the second Innovation Challenge teamed up with KPMG LG. Last year’s Challenge demonstrated fintech’s immense potential to solve industry-wide problems. This year’s Challenge will go one step further and showcase how these solutions can be implemented by big businesses. The Challenge is a fantastic platform for ADGM to connect established financial institutions and corporations who have earned their clients’ trust and business over many years, with the innovative fintech players who promise to transform how financial services are delivered. We look forward to the participants showcasing the outcome of their collaboration at FinTech AD 2018 in September,” said Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM.