Abu Dhabi Global Market attracts 166 global start-ups for fintech innovation challenge

DUBAI: Abu Dhabi Global Market (ADGM) on Thursday said that it has received 166 applications from start-ups for its inaugural financial technology innovation challenge.
Majority of the applications, sent in from 39 countries, were from major international fintech markets and emerging centers including the UK, Singapore, India, US, Hong Kong, China, Australia, and the UAE.
The ADGM initiative is being undertaken in partnership with KPMG Digital Village, where participants will take part in a five-week program to contextualize and present market-ready solutions that address problems in the financial industry.
The finalists will showcase their products and solutions on October 22 during the Fintech Summit in Abu Dhabi, where two winners would also be chosen by a panel of industry experts. The winners would also demonstrate their products and solutions at the Singapore FinTech Festival in November.
“We are excited to have received such strong support from the global fintech community in response to our call for innovative solutions to address real business challenges in this region,” Wai Lum Kwok, the Executive Director of Capital Markets, Financial Services Regulatory Authority of ADGM, said in a statement.
“Fintech is about integrating the latest cutting-edge technologies into everyday financial services, and normalizing them. At ADGM, we want to walk the talk when it comes to innovation.”