Streamed live, Monday, 5 April 2021
Connect, collaborate and discover innovative solutions
The ADGM Digital Lab is a virtual environment with access to resources such as data, APIs, system images and reference architectures. Participants are enabled to validate their new solutions with a replication of their own technology stack more readily. Fintechs, financial institutions and a financial services regulator, represented by ADGM's FSRA, seamlessly connect and safely collaborate in this environment, experiment and develop innovative solutions creating new products and testing prototypes swiftly. Interested entities can register on the Digital Lab platform.
By providing this unique environment, the ADGM Digital Lab enables the industry to identify and address shared challenges together. It also includes a virtual space to pose industry challenges for fintechs to address and provide solutions.
The ADGM Digital Lab invites the following types of entities to participate:
- Financial services
- Tech vendors
- Professional services
- Government organisations
- Venture capitalists
Accelerating Abu Dhabi’s innovation-driven digital transformation
One of the key challenges financial institutions encounter in their ability to adopt innovation is the process of procuring, and thereafter integrating with their legacy systems, digital solutions offered by FinTechs and other technology providers in a timely and cost-effective manner.
With the specific aim of solving this challenge, the ADGM Digital Lab is built with functionalities that enable testing and verification of new products or solutions prior to procurement, thereby expediting time to market for financial institutions in a cost-effective manner. Such functionalities include:
- API-driven connectivity: enabling the use of APIs that meet international security and interoperability standards to connect between the systems of financial institutions and FinTechs or technology providers. Before listing an API on the Digital Marketplace, the API-provider is required to complete a conformance and certification process, which will help determine whether they have implemented each part of the standards correctly.
- Docker images and containerisation: enabling financial institutions to easily replicate their core-banking systems in secure, access-controlled containers
- Low-code workflow tools: empowering teams across financial institutions that may not have an IT background to collaborate together and use simple drag and drop functionalities to experiment with how new tech solutions can interact with and improve existing workflows or create / enhance products
- Challenge notice board: through which ADGM Digital Lab users seeking tech solutions can post their problem statements and source solutions from the firms listed on the ADGM Digital Lab Marketplace. For instance, financial institutions may pose problem statements and invite fintechs and regulators to run and test proofs-of-concept (POCs) that can lead to eventual production.
- Synthetic data generator: where access to synthetic data will facilitate innovation testing in full compliance with data protection requirements
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