Abu Dhabi Global Market, the international financial centre in Abu Dhabi, has announced the launch of the fifth edition of the Innovation Challenge, and that it has begun to accept applications.
Hosted as part of Fintech Abu Dhabi, the MENA region’s largest Fintech festival, the Innovation Challenge is ADGM’s flagship initiative, held to develop innovative solutions to specific financial services challenges to enable a diverse, sustainable and competitive economy.
This year, ADGM is partnering with Corporate Champions from the financial, corporate and government sectors to develop specific challenge statements for the Innovation Challenge, wherein successful Fintech applicants will have the opportunity to work alongside these entities to develop innovative solutions to these issues. The Corporate Champions include Emirates NBD, Etihad Credit Insurance, First Abu Dhabi Bank, Pearl Data Direct, The Saudi British Bank and Standard Chartered Bank.
The ADGM Financial Services Regulatory Authority (FSRA) will also sponsor a challenge statement on Suptech, which refers to the use of innovative technology by regulatory agencies, to develop a solution that allows real-time oversight of client capital and investments.
Applications will be assessed against the key criteria of how well the solution addresses the challenge, the maturity and scalability of the solution, and how the solution might be deployed in the UAE.
Benefits of participating in the Innovation Challenge:
- Gain exposure and an opportunity to work with a leading financial/regulatory institution to develop a PoC
- Explore potential market expansion opportunities with support from Abu Dhabi Global Market as a strategic partner
- Benefit from recognition as an entrant into one of the global fintech sector’s most unique and recognised challenges
- Explore opportunities to showcase and develop your winning product in ADGM’s Digital Lab
Shortlisted Fintechs will be invited to pitch their solutions to a panel of judges at Fintech Abu Dhabi 2021, to be held from 22th to 24th November 2021.
Winners will be eligible to win attractive prizes sponsored by the Corporate Champions, as well as stipend payments from ADGM.
You can find more information, as well as apply, here.