Abu Dhabi Global Market, ADGM, today announced that it had received 166 applications from over 39 countries for its inaugural FinTech Abu Dhabi Innovation Challenge.

The majority of applications were from major international FinTech markets and emerging centers, such as the UK, Singapore, India, the USA, Hong Kong, China, Australia, and the UAE, among others.

Commenting on the announcement, Wai Lum Kwok, Executive Director of Capital Markets, Financial Services Regulatory Authority of ADGM, said, "We are excited to have received such strong support from the global FinTech community in response to our call for innovative solutions to address real business challenges in this region. What is equally impressive is the quality of the solutions that have been proposed and their stage of readiness for production or implementation."

He continued, "FinTech is about integrating the latest cutting-edge technologies into everyday financial services, and normalising them. At ADGM, we want to walk the talk when it comes to innovation. By working closely with our FinTech partners, the FinTech Abu Dhabi Innovation Challenge will help to foster a conducive ecosystem that is will both support our growth today and will build the economy of tomorrow."

Jan Reinmueller, Head of Digital Village, KPMG in Singapore, commented, "The FinTech Abu Dhabi Innovation Challenge opens the doors for FinTech startups around the world to enter the Middle East, Africa, and South Asia region. This collaboration between ADGM and KPMG aims to facilitate and enable co-innovation between start-ups and financial institutions, and guide them on their innovation journey. We are very encouraged by the response from the global network of startups, and look forward to working with the 10 finalists in this programme."

The FinTech Abu Dhabi Innovation Challenge, organised by ADGM and KPMG, is part of the first FinTech Summit in the region, between 22nd and 23rd October 2017. ADGM and KPMG are currently assessing all the 166 applications, following which 10 successful start-ups will be shortlisted and will be put forward to benefit from a five-week training.