Eleven out of over 100 hopeful fintech start-ups secured a spot in the inaugural Fintech Abu Dhabi Innovation Challenge for a chance to realize their ideas and bring it to life in the Middle East, Africa and South Asia (MEASA) region.
In just two weeks since Abu Dhabi Global Market (ADGM) opened the Challenge, a total of 166 applicants from over 39 countries submitted their solutions to the international financial center.
“The FinTech Abu Dhabi Innovation Challenge is open to all fintech innovators, including Shariah compliant start-ups and firms. The 166 applicants for the Challenge submitted their solutions based on six focus areas such as financial and investment management, financial inclusion, regtech, trade finance, insurtech and private capital markets, which can cater to both conventional and Shariah compliant financial services,” ADGM confirmed with IFN Fintech. Submissions from the UK, Singapore, India, the US, Hong Kong, Australia, China, the UAE and Africa were received.
Out of the 166, 11 were selected to undergo a five-week program, launched on the 17th September 2017, to contextualise their solutions in a way that would best suit and address local issues identified in MEASA. Finalists will showcase their solutions at the Innovation Challenge Demo Day in Abu Dhabi, in front of regional and international fintech leaders. Applicants will also receive mentorship from industry experts and will be able to explore commercial opportunities within Abu Dhabi and the wider region. The top two teams will be invited to attend and give a demo at the Global FinTech Hackcelerator in Singapore in November.