UAE’s Ministry of Market clubs up with SCA to start FinTech Megathon 2021

The UAE’s Ministry of Overall economy has joined forces with market segments regulator the Securities and Commodities Authority to launch a ‘FinTech Megathon 2021’ programme to fix challenges faced by the industry in the Emirates.

The project aims to gather people employed in FinTech start-ups. It will run on Dubai-centered Fintech Galaxy’s FinX22 program until February next time.

The Megathon will include workshops, training sessions and two 'hackathons', where companies are given short intervals to come up with an innovation to handle a business challenge. The aims of the function include fostering innovation, promoting co-ordination between public and private establishments and encouraging start-ups to actively take part in the development of innovative solutions, Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, said.

“Such initiatives complement the MoE’s ongoing efforts to improve the competitiveness of the countrywide economy and gratify sustainable development requirements,” he said.

Regional FinTech companies have grown on prominence as the pandemic fuelled a larger demand for online and contactless payments.

The quantity of FinTechs in your community is defined to grow to at least one 1,845 by 2022, a rise of 230 % weighed against 559 companies in 2015, according to a report by Mena Research Partners.

“[The] SCA’s initiatives happen to be centred on establishing ideas and methodologies related to buying technology and infrastructure, which serve network and facts security, furthermore to implementing a thorough digital strategy and applying advanced technological solutions, particularly FinTech and blockchain,” explained Mr Bin Touq.

Themed ‘reimagining the continuing future of inclusive fiscal companies’ the Megathon is targeted on developing technologies to improve eight areas - asset operations, digital assets, crowdfunding, forex, e-KYC [know your client], financing for tiny and medium enterprises, fiscal inclusion and regulatory technology.

It will encourage FinTechs, finance institutions, regulators and additional ecosystem partners to collaborate and crowdsource to create prototypes, the entities said in a joint declaration on Wednesday.

“[The] SCA realises the value of digital financial devices in strengthening the ability of markets, businesses, governments, establishments and communities to withstand future shocks and is proud to introduce an initiative that may bring us nearer to attaining this end,” Maryam Al Suwaidi, acting chief executive of the SCA, explained.

Abu Dhabi Securities Exchange, First Abu Dhabi Lender, Emaar and the United Arab Lender are involved in the job as strategic partners.

“We are incredibly excited to be part of this collaborative and imaginative initiative … our expertise and widespread network across the Arab FinTech industry permit us to bring together FinTech start-ups, finance institutions, partners and stakeholders,” Mirna Sleiman, founder and leader of Fintech Galaxy, said.