Abu Dhabi gears up fintech activity

Abu Dhabi is seeking to empower its fintech positioning with a flurry of initiatives, including a tie-up with Switzerland and an innovation challenge for startups.

As it prepares to host its inaugural fintech event in October, Abu Dhabi Global Market (ADGM) has teamed up with KPMG on the innovation challenge, inviting mature startups from around the world to apply by 25 August.

The applicants will be whittled down to 10 finalists that will take part in a five week programme developing tools in six areas: financial and investment management, financial inclusion, RegTech, trade finance, InsureTech, and private capital markets.

The startups will then get the chance to showcase their offerings to a panel of industry experts during the Fintech Abu Dhabi event. Finalists get a $15,000 cash stipend and fast-track consideration for admission to ADGM’s RegLab programme.

As part of ADGM’s fintech collaboration with the Monetary Authority of Singapore, the winners will also be able to participate in the Singapore Hackcelerator event.

Meanwhile, ADGM has formed an alliance with the Swiss Finance + Technology Association to connect “fintech participants to business opportunities, experience and investments in each other’s region, accelerate the exchange of fintech expertise, and anchor fintech activities in ADGM, Abu Dhabi, and Switzerland”.

And ADGM has signed another agreement, with the International Financial Centre in Abu Dhabi, and the Responsible Finance & Investment Foundation “to bolster the growth and sustainability of the fintech ecosystem through financial inclusion and ethical and responsible finance practices”.