Showcasing FinTech Talent - Supporting UAE’s SMEs and the Adoption of RegTech
The ADGM Innovation Challenge 2020 focuses on solutions to promote financing for small and medium enterprises (SMEs), and the adoption of RegTech, bringing together emerging FinTech talent from across the world to address real challenges championed by UAE corporates and government agencies (Corporate Champions).
This year's Innovation Challenge calls for the development of proof of concept (PoC) solutions to promote financing for SMEs which are an instrumental stakeholder in the UAE’s plans for economic transformation and diversification.
However, the FinTech Abu Dhabi Innovation Challenge doesn't just aim to present potential solutions to real problems. It seeks to solve them. In taking part in the Innovation Challenge, startups will have the opportunity to enter into long-term relationships with the Corporate Champions and will be invited to set up their base on Abu Dhabi's Al Maryah Island.
Focusing on Solutions to Promote Financing for SMEs and the adoption of RegTech
The Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM) are pleased to announce the winners of the fourth annual FinTech Abu Dhabi Innovation Challenge, one of the flagship initiatives of the FinTech Abu Dhabi event. Following a five-month highly competitive selection process, seven firms were selected from a total of 189 applications. Their solutions demonstrate innovative ideas to address the pain points of the financial service sector and focus on initiatives to promote financing for small and medium enterprises (SMEs), the digitalisation of financial services, and RegTech solutions.
The Innovation Challenge Finalists Include
Benefits of Taking Part
- Prove solutions to corporate partners and wider industry participants for increased market recognition
- Explore potential market expansion opportunities with support from ADGM as a strategic partner
- Gain exposure and an opportunity to work with a leading financial/regulatory institution to develop a PoC
- Attend FinTech Abu Dhabi on 24-26 November 2020 to present your solution to key players in the FinTech ecosystem
- Successful finalists will receive a stipend of US$20,000 to partner with Corporate Champions and co-develop the PoC
- ADGM will also provide up to US$40,000 in grant funding to help finance the further development of the PoC solutions after the Challenge
- Opportunity to tap into institutional investment funding schemes, including from Abu Dhabi Investment Office (ADIO), Mubadala Ventures Fund, the ADGM Catalyst Fund, and the network of venture capitalists in ADGM
- An opportunity to apply to the Hub71 incentive program with subsidised housing, office space and health insurance in Abu Dhabi
- Opportunity to offer your product in ADGM’s Digital Lab, a cloud-based environment where financial institutions and FinTechs can collaborate, test and develop innovative solutions in a controlled environment supervised by ADGM
- Opportunity to tie up with our corporate champions for adoption of your innovative solution