UAE Central Bank and Abu Dhabi International Market to Support Indigenous and Global Fintech Initiatives | Zoom Fintech

The Central Bank of the United Arab Emirates (UAE) and the Abu Dhabi International Market, a global monetary heart and a free zone based mainly on the island of Al Maryah in the national capital, Abu Dhabi, celebrates on July 1, 2020, that they invite Fintech companies to participate in the Fintech innovation problem Abu Dhabi .

The Innovation Problem, which is held every year, aims to support high-potential monetary know-how initiatives. Companies that collaborate on the problem are inclined to pay attention to the needs of indigenous SMEs.

The innovation problem further aims to accelerate the adoption of efficient regulatory know-how (Regtech) options with the aim of improving compliance outcomes and associated regulatory processes.

Sabri Al Azazi, chief operating officer of the reserve bank, said the most recent issue came at a superb time and provides a “single platform to facilitate collaboration between banks and technology companies.” Financial institutions will likely work with fintechs to perform live reviews in a controlled environment before officially launching new products.

Al Azazi celebrates:

“Banks and tech companies are able to collect real or near-real data to simulate the production environment and user feedback on their new fintech products and services. “

Indigenous and global businesses are eligible to participate in the problem.

Profitable businesses will likely receive a grant of $ 20,000. The funds can be used to help Fintechs in working with local businesses to develop proof of concept (PoC) for the options offered. Business Champions with First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Anglo-Gulf Commerce Bank and Etihad Credit Score Insurance will work with eligible Fintech companies to create PoCs.

Profitable PoCs will likely be showcased at Fintech Abu Dhabi 2020 which is likely to be held in November this year.

Additional funding of up to $ 40,000 may be offered for promising PoCs. The funds should help accelerate their improvement. Many of these initiatives will focus on improving SME financing and regulatory outcomes within the nation’s Center Jap, the reserve bank confirmed.

Finalists and their business champions will implement PoCs in ADGM’s Digital Lab. The initiatives will be led by the ADGM Money Suppliers Regulatory Authority (FSRA) and the reserve bank.

The Digital Lab is a digital sandbox program and marketplace that fosters open collaboration and progressive initiatives.

Richard Teng, CEO of FSRA, said:

“FSRA is delighted to co-launch the innovation challenge… through the ADGM digital lab to overcome the challenges faced by the financial services industry in the UAE and the wider region. “

Teng also talked about:

“The problem statements reflect the imperatives of the current pandemic, which has accelerated the need to strengthen financing mechanisms for SMEs and digital integration. “

Applicants’ PoCs will likely be assessed primarily on how effectively their proposed response can address related issues and whether or not it can be deployed to the UAE in a meaningful way.

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