11 September, 2018, Abu Dhabi, UAE: Abu Dhabi Commercial Bank (ADCB), one of the largest banks in the United Arab Emirates, has been announced as a ‘Corporate Champion’ for the second edition of the game-changing Innovation Challenge 2018 by Abu Dhabi Global Market (ADGM) and KPMG Lower Gulf Limited (KPMG LG).
This year’s Challenge will see ADCB and ADGM work directly with a selected FinTech firm to create a purpose-built, targeted solution to address a pressing business need. With a focus on efficiency, the task set by ADCB will challenge the selected FinTech firm to design and develop a seamless, paperless and secured platform for trade finance banks to provide account receivables/invoice factoring services for SMEs. The resulting product solution will be presented at the 2018 FinTech Abu Dhabi Summit on 17 September to an audience of financial institutions, regulators, professional services firms and start-ups from local and global communities, as a showcase on how efficiencies and regulatory outcomes can be enhanced in the banking industry.
To deliver the most innovative and effective FinTech solution to each challenge, ADGM and KPMG LG issued a global call to action inviting local and global FinTech entrepreneurs to apply for the opportunity to work with the designated Corporate Champions to apply their solutions to specific business use cases.
Mr. Krishnakumar Duraiswamy, Head of Trade Finance at ADCB said: “Trade Finance Industry has been actively looking at areas for innovation to change the landscape of trade and supply chain finance. Trade Finance specifically for SMEs in the UAE is core to our business and hence we chose domestic trade finance as an area to be selected for this challenge. We will work with FinTechs to create a platform that will not only digitalize the flow of documents, but also create financing capability of these transactions which helps in driving working capital finance for corporates in the UAE”.
Mr Wai Lum Kwok, Executive Director (Capital Markets), Financial Services Regulatory Authority of ADGM, said: “The close collaboration between regulator, corporates and FinTech start-ups is the hallmark of a sustainable and effective approach to embracing innovation in the financial sector. ADCB has been an active champion and partner of ADGM in steering the innovation agenda. This year’s Innovation Challenge is about promoting real adoption and business use cases of innovation, and we are excited to be working with ADCB to road-test a new solution which can be applied and adopted across the banking ecosystem.”
The FinTech Abu Dhabi Innovation Challenge is an initiative of ADGM in collaboration with KPMG to support the development of FinTech in Abu Dhabi and wider MENA region. It is just one element of the overall FinTech Abu Dhabi event, which will also see a series of panel sessions, fireside chats, keynote speeches and networking sessions delivered for the burgeoning FinTech community.
This initiative serves as a catalyst for collaboration between corporate institutions and FinTech start-ups. A team of selected start-ups will be tasked to develop a prototype solution addressing real business issues identified by our UAE-based institutions (Corporate Champions). The selected Corporate Champions will be given the opportunity to tap into KPMG’s expertise in managing the innovation process. In addition, ADGM will assist successful FinTech firms to tap market opportunities in Abu Dhabi, leveraging ADGM’s FinTech ecosystem and network.
For more information and to register your participation, please visit FinTech Abu Dhabi website at www.fintechabudhabi.com
About FinTech Abu Dhabi 2018
Bringing together global and local financial institutions, FinTech start-ups, investors, regulatory agencies and the business community to network, collaborate and exchange expertise and knowledge in FinTech developments in Abu Dhabi, the wider MENA region and internationally. For more details of the ADGM’s FinTech Abu Dhabi event, visit www.fintechabudhabi.com to register interest and follow us on @FinTechAD, #FinTechAD and #InnovationChallengeAD
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket @FinTechAD, #FinTechAD and Linkedin: ADGM
* Source: The Global Investor Middle East and North Africa (MENA) Awards
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ADCB was formed in 1985 and as at 30 June 2018 employed over 5,000 people from 80 nationalities, serving retail customers and corporate clients in 50 branches, in addition to the 2 SimplyLife Sales & Service Centers and 3 uBank Centers in the UAE, 2 branches in India, 1 branch in Jersey and representative offices in London and Singapore. As at 30 June 2018, ADCB’s total assets were AED 272 billion.
ADCB is a full-service commercial bank which offers a wide range of products and services in both conventional and Shari’ah compliant banking, operating in four business segments including Consumer Banking, Wholesale Banking, Treasury and Investments and Property Management.
ADCB is owned 62.52% by the Government of Abu Dhabi (Abu Dhabi Investment Council). Its shares are traded on the Abu Dhabi Securities Exchange. As at 30 June 2018, ADCB’s market capitalisation was AED 37 billion.