The much anticipated FinTech Abu Dhabi summit
, which took place on the 22nd and 23rd October, has announced news that ensures Abu Dhabi is set to become the place to be for FinTech investors, entrepreneurs, and financial institutions.
The announcement, by CEO of the Abu Dhabi Global Market (ADGM) Richard Teng, revealed two key initiatives that are likely to propel Abu Dhabi into a leadership position within the FinTech marketplace.
The first initiative is the creation of an ‘Innovation Centre’ in Abu Dhabi by the first half of 2018 which will be “a physical hub where FinTech communities can come together to foster an interactive, collaborative and vibrant ecosystem for innovation to take root in Abu Dhabi and the region”, according to a press release on the ADGM website.
This centre will provide a co-working space for financial institutions, investors, and FinTech start-ups to enable networking, start-up acceleration programmes, and FinTech entrepreneurs to cooperate within the fields of Artificial Intelligence, Biometrics, E-payments, RegTech
and more, in a bid to assist the transformation of financial services in the coming years.
The second initiative is a Global Start-up Accelerator Partnership between the ADGM and Plug and Play (the world’s largest start-up accelerator based in Silicon Valley).
This will be established in the new FinTech Innovation Centre and aims to enable the ADGM to become a central bridge between partner banks and financial institutions to identify forthcoming tactical requirements and problems within the financial sector.
It will enable an ‘at source’ deployment of responses and solutions from the network within the Innovation Centre ensuring speedy resolutions from technological, financial and academic institutions.
These initiatives are set to bring about an ecosystem of financial institutions, investors, venture capitalists and a huge talent pool, which will propel Abu Dhabi as a forerunner within the FinTech field.
The creation of the Innovation Centre will encourage new FinTech jobs
within UAE as a whole, sparking interest for those seeking enhanced employment within the field, and encouraging leading talent to the area.
Abu Dhabi, Dubai and the entire UAE will benefit from the centre and the investment that will be generated by the new FinTech community based there.