- The ADGM Innovation Challenge 2020 (Challenge) is open to any FinTech businesses or technology providers who wish to develop a Proof of Concept solution in relation to a specific problem statement set out by a specified UAE-based financial institution or government entity (Corporate Champion).
- Applications to participate in the Challenge will be assessed against the evaluation criteria published on the FinTech Abu Dhabi website. Applicants selected by ADGM will be invited to participate in the Proof of Concept phase of the Challenge (Challenge Participants).
- Challenge Participants and Corporate Champions are eligible to jointly apply for the FinTech Abu Dhabi 2020 Innovation Grant (Grant), the awarding of which is at ADGM’s absolute discretion.
- By applying to enter into the Challenge, applicants are deemed to have accepted these terms and conditions.
- Any amounts expressed in these terms and conditions are in US dollars. Payment of any amounts to which Challenge Participants are entitled is subject to the UAE’s Anti-Money Laundering and Counter Terrorist Financing laws.
Eligibility Criteria for Stipend Payments
- Upon selection as a Challenge Participant, each Challenge Participant is eligible to receive two payments of $10,000 (each, a Stipend). The first Stipend is payable upon the Challenge Participant:
- agreeing to work with the Corporate Champion, participate in the Proof of Concept phase of the Challenge, and demonstrate the Proof of Concept at FinTech Abu Dhabi 2020; and
- successfully registering on the ADGM’s vendor registration system by 30 November 2020 (Claim Period). Guidance on the registration process will be provided by ADGM in the invitation to participate in the Challenge.
- Any Stipend that is not claimed during the Claim Period will be null and void, and the Challenge Participant will have no right or entitlement to the Stipend after the Claim Period.
- The second Stipend is payable only upon delivery and presentation of the Challenge Participants’ Proof of Concept at the event known as FinTech Abu Dhabi 2020. For the avoidance of doubt, payment of the second Stipend is also conditional upon the Challenge Participant having registered on ADGM’s vendor registration system by 30 November 2020.
- Payment of each Stipend will be made by bank transfer.
- Challenge Participants and their Corporate Champion may jointly apply for the Grant to further develop the Proof of Concept that is created during the Challenge.
- ADGM will review Grant applications against the criteria listed in paragraph 12, below, but retains absolute discretion to decide whether to provide a Grant. The Grant is an amount equivalent to 80% of the funding costs of the project to further develop the Proof of Concept. The maximum amount of any Grant is $50,000.
- To be eligible for the Grant, the Challenge Participant’s Proof of Concept solution must, as judged by ADGM:
- promote FinTech innovation, in terms of the business application and deployment model of the technology;
- have the ability to scale gradually and to eventually generate revenue, reduce costs, or improve compliance outcomes for the Corporate Champion; and
- have the potential to be deployed in ADGM and the UAE on a broader scale.
- Payment of the Grant is on a reimbursement basis and is subject to the selected Challenge Participant and the appropriate Corporate Champion entering into a Funding Agreement with ADGM.
- All pre-existing Intellectual Property (IP) set out in the Challenge application will remain the property of the applicant. By providing the information in the application, the applicant will not transfer any of their IP rights to ADGM.
- Any new IP developed in the Proof of Concept solution will be held jointly or solely by the Corporate Champion and/or the Challenge Participant, to be agreed between them.
- In submitting a Challenge application, the applicant automatically grants to ADGM a perpetual, irrevocable, royalty-free, worldwide and non-exclusive licence to use, store, and copy the content of the application for the purposes of the Challenge and the Grant, as ADGM determines.
- The applicant automatically grants to ADGM an irrevocable, royalty-free, worldwide and non-exclusive licence to use, store, and copy branded materials and trademarks (such as logos) that belong to the Challenge Participant for the purposes of marketing and promotion of the Challenge.
- Where an applicant provides any personal data to ADGM, the applicant warrants that the information is complete, true and accurate. The applicant must not apply for the Challenge under the name of another person.
- The information provided by an applicant for the Challenge will only be used by ADGM to assess the merits of the application.
- ADGM may request additional information (including, but not limited to, personal, educational, employment, and financial information) should it be deemed necessary to adequately assess the merits of the application.
- The applicant consents to any additional inquiries ADGM might make to the Corporate Champion relating to the information contained in the application.
- Any false or misleading information given to ADGM in relation to the application may result in the termination of the applicant’s eligibility to be selected as a Challenge Participant and for the Grant. In such an event, the applicant will be liable to ADGM for the immediate reimbursement of any funds paid to the applicant by ADGM.
ADGM’s decision is final
- Applicants have no right of review of any decisions made in relation to the Challenge, the Challenge Participants or the Grant. ADGM’s decision on any of these matters is final and at ADGM’s absolute discretion.
Choice of Law and Jurisdiction
- These terms and conditions are subject to the laws of the ADGM, and by applying for the Challenge, the applicant agrees to submit to the exclusive jurisdiction of the ADGM Court.