Applications invited for Fintech innovation challenge

ABU DHABI: The Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM), invited applications from local and international Fintechs to participate in the 2020 edition of the Fintech Abu Dhabi Innovation Challenge.

The Innovation Challenge is one of the flagship initiatives held annually at the Fintech Abu Dhabi event to recruit innovative Fintech solutions that address specific challenges in the financial services sector, in an effort to foster a diverse, sustainable and competitive economy.

Based on a series of consultations and engagements with Corporate Champions from the financial, corporate and government sectors, the Innovation Challenge2020willfocusonsolutionstobetterserve the financing needs of small and medium-sized enterprises (SMES), which are instrumental stakeholders in the UAE’S plans for economic transformation and diversification. The Challenge will also seek to drive theadoptionofregtechsolutionstoimprovecompliance outcomes and enhance regulatory processes.

Successful Fintech applicants will each receive a stipend of $20,000 to partner with a Corporate Champion and co-develop an innovative proof of concept (POC) solution to a problem statement.our Corporate Champions include First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Anglo-gulf Trade Bank and Etihad Credit Insurance. Successful Pocs will be showcased at Mena’s largest Fintech Festival, Fintech Abu Dhabi 2020, which will be jointly held by the CBUAE and ADGM from Nov. 24-26, 2020.

An additional funding grant of up to $40,000 will be provided to help finance the further development of the POC solutions after the Challenge. The grant funding is intended to fast-track deployment of the POC solutions within industry to improve SME financing and regulatory outcomes in the UAE.

Applications will be assessed against the key criteria of how well the solution addresses the problem statement, the maturity and scalability of the solution, and how the solution might be deployed in the UAE. Shortlisted Fintechs will then be invited to pitch their solutions to a panel of judges who will select the finalists. ADGM invites Fintechs to review the list of problem statements and apply with details of their solution and how it will benefit the Corporate Champion and UAE financial services industry more broadly. The closing date for applications is August 1, 2020.