New Fintech Abu Dhabi Innovation Problem Launched by ADGM for Supporting Excessive-Potential Startups

The Abu Dhabi World Market (ADGM) has launched the fifth version of its flagship challenge,  Fintech Abu Dhabi Innovation Problem. The problem is reportedly part of the upcoming Fintech Abu Dhabi competition – which is scheduled to happen in November 2021.

The ADGM has teamed up with “Company Champions” throughout monetary, company and authorities sectors, with the intention to create varied problem statements. Champions reportedly embrace Emirates NBD, Etihad Credit score Insurance coverage, First Abu Dhabi Financial institution, Pearl Knowledge Direct, The Saudi British Financial institution and Customary Chartered Financial institution.

One of many important problem statements is being supported by the ADGM’s regulatory company, the Monetary Companies Regulatory Authority (FSRA). The problem is searching for “Suptech” options for the real-time oversight of shopper capital and funding necessities.

Profitable Fintech candidates can be working cooperatively with these entities to create primary proof-of-concepts (POCs) for the industrial deployment of monetary providers options. They’ll have the ability to check out their options on the ADGM Digital Lab, a digital-first sandbox and market that’s being supported by UAE’s government-backed accelerator, Ghadan. The sandbox is at present being supervised by the FSRA.

Certified Fintechs will get a possibility to enter industrial contracts, together with particular  prizes and stipends from Company Champions and the ADGM.

Evaluation standards for the challenges embrace general effectiveness of the POC or product, maturity and scalability, and profitable deployment in UAE markets. Shortlisted Fintech tasks will get an opportunity to pitch their concepts on the Fintech Abu Dhabi 2021.

Emmanuel Givanakis, CEO of the FSRA, said:

“The FSRA is worked up to launch the Fintech Abu Dhabi Innovation Problem through the use of the ADGM Digital Lab to host revolutionary options and foster collaborative partnerships between fintechs and company establishments, remodeling the monetary providers trade at a time when digitalisation has grow to be the important thing to success.”

As reported by Fintech Information Center East, the problem statements will intention to cowl digital belief identities, contact level verification, threat evaluation, premium calculation, superior settlements, and fraud prevention / anti-money laundering (AML). They’ll additionally embrace customization for retail and small enterprise prospects, carbon emission knowledge, and sustainable provide chains.

Different tasks at present below Fintech Abu Dhabi embrace a world Fintech-focused tour, known as The Search. The competition will function 100 Fintechs which have been scouted from throughout the globe in a sequence of demo-day occasions.