UAE Central Bank and ADGM invite FinTech firms for an innovation challenge – The National

UAE Central Bank and ADGM invite FinTech firms for an innovation challenge – The National

Successful companies will receive a grant of $20,000 each to develop a proof-of-concept solution to a problem statement

















Selected FinTech firms will develop solutions in the ADGM's Digital Lab. Alamy

















July 1, 2020



July 1, 2020













The Central Bank of the UAE and the Abu Dhabi Global Market, the capital's international financial hub, on Wednesday invited financial technology companies to compete in the annual FinTech Abu Dhabi Innovation Challenge.



This year's challenge aims at developing innovative solutions to serve the financing needs of small and medium-sized enterprises. It also seeks to drive the adoption of regulatory technology solutions to "improve compliance outcomes and enhance regulatory processes", the central bank said in a statement.



The innovation challenge comes at the most "opportune timing“ and provides a "unique platform to facilitate collaboration between banks and tech firms“ to conduct live tests under a controlled environment before the formal launch, Sabri Al Azazi, chief operating officer of the central bank, said.



"Banks and tech firms are able to gather real-life or close-to-real-life data to simulate the production environment and user feedback on their new