The Abu Dhabi Global Market (ADGM) has launched the fifth edition of its flagship initiative Fintech Abu Dhabi Innovation Challenge. The challenge is part of the upcoming Fintech Abu Dhabi festival to be held in November this year.
The ADGM has partnered with ‘Corporate Champions’ across financial, corporate and government sectors, to develop specific challenge statements. Champions include Emirates NBD, Etihad Credit Insurance, First Abu Dhabi Bank, Pearl Data Direct, The Saudi British Bank and Standard Chartered Bank.
One of the challenge statements has been sponsored by the ADGM’s regulatory body Financial Services Regulatory Authority (FSRA). The challenge seeks suptech solutions for the real-time oversight of client capital and investments.
Developing proofs-of-concept at the Fintech Abu Dhabi Innovation Challenge
Successful fintech applicants will work alongside these entities to develop proofs-of-concept for commercial deployment of financial services solutions. They will be able to test their solutions at the ADGM Digital Lab, a digital sandbox and marketplace supported by government-backed accelerator Ghadan. The sandbox is supervised by the FSRA.
Winning fintechs stand a chance to earn commercial contracts, alongside prizes and stipends from Corporate Champions and the ADGM.
Assessment criteria for the challenges involve effectiveness, maturity and scalability, and deployment in the UAE. Shortlisted fintechs will pitch their solutions at Fintech Abu Dhabi 2021.
“The FSRA is excited to launch the Fintech Abu Dhabi Innovation Challenge by using the ADGM Digital Lab to host innovative solutions and foster collaborative partnerships between fintechs and corporate institutions, transforming the financial services industry at a time when digitalisation has become the key to success,”
Emmanuel Givanakis, CEO of the FSRA, said.
The challenge statements cover digital trust identities, contact point verification, risk assessment, premium calculation, advanced settlements, and fraud prevention and anti-money laundering. They also include customisation for retail and SME clients, carbon emission data, and sustainable supply chains.
Other initiatives under Fintech Abu Dhabi include a global fintech tour The Search. The festival will feature 100 fintech startups scouted from across the world in a series of demo-day-like events.