Abu Dhabi Global Market (ADGM) has announced the fourth annual FinTech Abu Dhabi Festival (FinTech Abu Dhabi) to be held from 24 – 26 November 2020. FinTech Abu Dhabi is MENA’s leading FinTech event which brings together various players and stakeholders to discuss ideas and launch initiatives within the FinTech ecosystem.
ADGM, in collaboration with Unbound, successfully held FinTech Abu Dhabi 2019 from 21 – 23 October 2019 with positive reviews received from the FinTech community. It was the largest FinTech event in MENA, with more than 5000 participants from 74 countries, the founders or global C-suite from 13 FinTech unicorns, 132 speakers and 111 exhibitors. Some of the key highlights include the Investor Forum, Innovation Challenge, FT50 Challenge, FinTech Abu Dhabi Awards, and Government FinTech Forum.
This year, FinTech Abu Dhabi 2020 is expected to be even bigger and more exciting, attracting more than 7,500 participants and influencers, 150 speakers, and 125 exhibitors. In particular, it will once again feature the hugely successful and popular Innovation Challenge, where FinTech firms are given the opportunity to present innovative solutions to specific problem statements posed by financial institutions, corporations and government agencies (“Corporate Champions”). The aim of the Innovation Challenge is to address challenges in the region’s financial sector through collaboration with FinTech firms to develop innovative solutions to these problems.
As part of the recruitment process, ADGM and Unbound will conduct a global roadshow and host pitching competitions at 30 international cities to select the world’s top FinTechs, and bring them to Abu Dhabi. This year’s Innovation Challenge will for the first time be hosted in the ADGM Digital Lab, a digital environment provided and supervised by ADGM. Participants can use the Digital Lab to seamlessly connect, experiment and develop innovative solutions creating new products and test prototypes swiftly.
ADGM will shortlist up to 10 finalists for the Innovation Challenge to showcase their market-ready solutions at FinTech Abu Dhabi 2020. Finalists will be eligible to win a cash grant enabling them to work with their Corporate Champion to develop and complete their solutions. The winners will also be invited to be a part of the Hub71 community.
“ADGM would like to invite Corporate Champions to register their interest in sponsoring problem statements and/or co-funding the PoC cash grants on a matched basis with ADGM for the Innovation Challenge. If selected, the Corporate Champions will have the unique opportunity to select from world-class FinTech players to work on their specific challenges. We welcome problem statements particularly pertinent to the transformative needs of the smart digital financial centre and digital economy of the future. The solutions to these challenges would enable a seamless, inclusive, sustainable and business-friendly environment for digital transactions and financial services to flourish, such as the creation of digital marketplaces and infrastructures for SME / trade / green finance,” the company said in a statement.
“Following the success of 2019 where we brought the largest FinTech event to this region, we are looking forward to an even grander agenda and line-up of activities this year. As a global FinTech hub and ecosystem enabler, ADGM has established a robust plug-and-play platform for corporate innovators, start-ups, and investors to grow and succeed. In an effort to actively drive the development of entrepreneurship, the Innovation Challenge this year will go one step further to foster innovation by providing FinTech firms and our Corporate Champions a ready platform and cash awards to build PoCs and deploy solutions on the Digital Lab. More details on FinTech Abu Dhabi 2020 will be announced in due course. So watch this space,” said Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM.