Dubai: Teams from the United Kingdom and United States have been crowned the winners of United Arab Bank’s (UAB) and the Abu Dhabi Securities Exchange’s (ADX) respective challenges under the first phase of the SCA Fintech Megathon. The first-of-a-kind nationwide Megathon, launched in May 2021 under the patronage of H.E. Abdullah bin Touq Al Marri, Minister of Economy (MoE) and Chairman of the Board of the Securities and Commodities Authority (SCA), is aimed at furthering the development of the fintech industry by bringing together a large army of startups specialized in financial services technology.
Powered by Fintech Galaxy’s FinX22 platform, the Megathon will continue to run until February 2022 and includes workshops and training sessions, plus two hackathons to showcase innovations that help better address challenges.
As part of the Megathon, participating teams were challenged with creating innovative technical solutions to several challenges facing the financial services sector under eight thematic areas: asset management/investment advisory, digital assets and cryptocurrencies, crowdfunding, forex, e-KYC form, SME financing, financial inclusion, suptech and regtech.
The first round of the Hackathon which consisted of two of the innovation challenges sponsored and organized by the Megathon’s strategic partners – UAB and ADX – has ended.
Commenting at the conclusion of the first round of the Hackathon, H.E. Dr. Maryam Al Suwaidi, CEO of SCA, said: “An important part of SCA’s mission is safeguarding the rights of investors, promoting sound practices and creating an ecosystem attractive to investors and innovation. With this in mind, we were delighted and proud to witness the forward thinking and innovation of all the participating teams, especially those which have won our two innovation challenges held so far. Fintech is an integral part of the UAE’s financial services industry – and indeed, that of the entire world – and looking forward, it is vital that we utilize technology and creative thinking to address challenges both, seen and unseen, in the sector. These teams demonstrated the type of thinking that will be necessary to enhance the customer experience.
The second round of the Hackathon will kick off in December 2021. The FinX22 platform will enable the screening, interaction, and collaboration among innovators and financial institutions, allowing them to crowdsource and prototype fintech solutions prospectively in Fintech Galaxy’s API Sandbox. It will promote partnerships and collaboration between established and startup fintech firms as well as leading banks from across the UAE. Click here for the detailed report on Round 1 of the SCA Fintech Megathon.
-Ends-
For media enquiries, please contact: Daniel Chinoy Weber Shandwick
E-mail: Dchinoy@webershandwick.com
About the UAE Ministry of Economy (MoE)
Our Vision is to create a diversified global competitive economy based on knowledge and innovation, led by Emiratis. Our Mission is to prepare for an environment that encourages the practice of economic businesses by enacting and modernizing economic legislations and foreign trade policy; developing national industries and exports; encouraging investment and tourism; regulating competitiveness and SME’s sector; protecting consumer rights and intellectual property; supporting the efforts of cooperative societies; diversifying economic activities; and overseeing the increasing popularity of smart apps led by national competencies in accordance with the standards of creativity, innovation, international excellence and knowledge economies. www.economy.gov.ae
About Fintech Galaxy
FinX22, by Fintech Galaxy, is the region’s first cloud-based, open innovation, open API digital sandbox and marketplace that scouts, onboards and qualifies fintechs for seamless connectivity. There are over 2,000 fintechs from over 70 countries that are currently using the open innovation marketplace, which connects, rates and qualifies global fintechs for collaboration, co-creation and investment. Fintech Galaxy, also advises fintech startups on investment raising, operational growth and business development. FinX22 brings to the MENA market a network of global fintech experts from areas such as Blockchain, AI, Payments, Robotics and Data Science.
Fintech Galaxy enables best-in-class innovation programs like hackathons, retreats, innovation challenges and accelerators, while driving value and financial return for fintechs, institutions and investors, through lower costs, higher productivity ratio and data-driven decisions. The company also facilitates and supports business scaling with regulatory authorities for easier and faster licensing and provides a centralized platform for a seamless transition into digital banking operations. Sign up on www.fintech-galaxy.com and join us on our journey!
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
