The Dutch flag flies outside ING head office in Amsterdam, Netherlands, Monday Oct. 20, 2008. Shares in ING Groep NV rebounded more than 20 percent at the start of trading Monday, after the Dutch government threw the bank and insurer a Euro10 billion (US$13.4 billion) lifeline to shore up its capital position. The move, which will temporarily make the state ING's largest shareholder, was announced late Sunday and intended to prevent the company from becoming the latest victim of the global financial crisis. ING said Sunday it would cut dividends for the rest of the year and had agreed to cancel bonuses for executives. Though the bank was not facing a run or acute solvency problems, its shares had entered an accelerating slide Friday and it said it expected to post a large loss for the third quarter. (AP Photo/Peter Dejong)
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”.
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