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Abu Dhabi Global Market, ADGM, has announced its upcoming launch of a new initiative, 'FinTech 50', and the third edition of the 'Innovation Challenge', as part of the FinTech Abu Dhabi Festival 2019.
The ADGM Innovation Challenge poses a set of FinTech problem statements that represent the various challenges that financial institutions, corporates, and consumers face in the UAE and the wider Middle East, Africa and South Asia, MEASA, region.
Applications to the Innovation Challenge are now open until 23rd September 2019. Selected FinTech applicants will be invited to Abu Dhabi to showcase their solutions to potential business partners and delegates during FinTech Abu Dhabi, from 21st - 23rd October, 2019.
FinTech start-ups and scale-ups with innovative and market-ready solutions to these problem statements, and who want to expand into MEASA, are invited to apply to the Innovation Challenge and be part of the wider FinTech community.
Richard Teng, CEO of Financial Services Regulatory Authority of ADGM, commented, "We are excited to launch FinTech 50 and the third FinTech Abu Dhabi Innovation Challenge to discover more FinTech firms and provide them with the opportunity and platform to spread their wings. As a global FinTech hub and ecosystem enabler, ADGM has established a robust plug-and-play platform for innovators, start-ups, and investors to grow and succeed."
"This year, we have numerous exciting initiatives including Hub71 Abu Dhabi, the Catalyst Fund, to support the tech and FinTech start-up community in Abu Dhabi and the region," he added.
To enable more participants to be part of the ADGM’s FinTech ecosystem, a series of Innovation Challenge pitching events will be held in various cities across the world as part of FinTech Abu Dhabi's global outreach.
From the pool of global applicants for the Innovation Challenge, the best 50 will be selected the 'FinTech 50' and invited to FinTech Abu Dhabi 2019. The FinTech 50 will be given the opportunity and access to meet potential investors, partners and customers, and exhibition space at FinTech Abu Dhabi 2019.
Up to 12 finalists from the Fintech 50 will be selected by a global judging industry panel to demo their solutions on the main stage at FinTech Abu Dhabi 2019. These finalists will have the opportunity to be matched with financial institutions and corporates in the UAE to develop Proofs-of-Concept that can be deployed in Abu Dhabi and the wider UAE.
Two of the finalists will be selected to represent the Middle East at the 2019 Singapore FinTech Festival’s Global FinTech Hackcelerator competition.
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