ADGM Innovation Challenge hosted by FSRA opens for applications with Corporate Champions HSBC, RAKBANK & Aldar

ADGM FSRA 22/02/2023
Innovation Challenge
  • The ADGM’s Financial Services Regulatory Authority (FSRA) will again this year facilitate the Corporate Champions who are all set to host demo days at their respective offices for shortlisted applicants, focused on their specific challenge statements and enabling them to pitch to an audience of internal stakeholders for commercial collaborations.
  • The deadline for applications to the Innovation Challenge is 14 April 2023.

Abu Dhabi Global Market (ADGM), the leading international financial centre based in Abu Dhabi, is pleased to launch the latest edition of the annual Innovation Challenge. ADGM’s annual Innovation Challenge has been developed to connect innovative financial solution providers with a variety Corporate Champions to encourage innovative, and sustainable economy for the future. With multiple successful editions since 2017, it returns with its sixth edition in 2023.

This year, ADGM is partnering with leading Corporate Champions from the financial services and real estate sectors to develop challenge statements and put out a global call for applications to start-ups and technology vendors. The core of the initiative is to support and augment the existing processes of these businesses. The lead Corporate Champions participating are HSBC & RAKBANK, joined by Abu Dhabi-based real estate developer Aldar. A list of the specific challenge statements issued by each Corporate Champion is available on the ADGM Innovation Challenge webpage.

In line with its strategy to help facilitate the establishment of comprehensive digital capabilities across the financial services sector, this year, the FSRA has also put out two challenge statements. To support the regulation of virtual asset and DeFi (decentralised finance) firms, the FSRA is looking for technology solutions that can demonstrate proof of control and ownership of virtual asset wallets. In addition, following the launch of its Open Regulation initiative in the ADGM GitHub repository, the FSRA is inviting the global developer community to develop AI-enabled tools to support regulatory compliance.

Applications for the Innovation Challenge will be open until 14 April 2023 and will be assessed against key criteria, such as how well rounded is the solution in addressing the challenge, its operational readiness and ease of implementation. Participants will have access to the ADGM Digital Lab, a digital sandbox and marketplace that provides start-ups with tools to support their technical development from synthetic data to an ecosystem of UAE-based financial institutions and government agencies as potential partners.

Corporate Champions will be hosting demo days at their headquarters focused on their specific challenge statements and will be inviting shortlisted applicants to pitch to an audience of internal stakeholders with the goal to collaborate commercially.

Mr. Emmanuel Givanakis, Chief Executive Officer of the FSRA, said: “We look forward to the latest edition of ADGM’s Innovation Challenge and helping forge new partnerships between Corporate Champions and start-ups, developers and innovative service providers that are looking to transform financial services with their unique and pioneering solutions. The creativity in digital solutions showcased by budding tech companies enables the harnessing of unexplored technological opportunities within various aspects of the financial services industry.

“Partnering with technology innovators to enable new customer benefits is central to our digitising at scale approach, and the ADGM Innovation Challenge provides a useful platform to engage, learn and share best practice with a diverse and ambitious group of start-ups in the programme.” Mr Abdulfattah Sharaf, Chief Executive Officer of HSBC UAE and Head of International, HSBC Bank Middle East Limited, added.

Raheel Ahmed, Chief Executive Officer of RAKBANK, commented: “At RAKBANK, we actively develop new services and propositions for our retail and business customers in partnership with FinTechs. This helps drive digital transformation, discover new talent, and foster collaboration. To help solve a high-value problem for our clients, we look forward to engaging with respondents to our Innovation Challenge.”