FRS Labs and Silent Eight win Fintech Abu Dhabi Global Innovation Challenge

Both winners to demo at Singapore Fintech Festival

FRS Labs (India) and Silent Eight (Singapore) have been announced as the two winners of the FinTech Abu Dhabi (FinTechAD) Innovation Challenge 2017.

Huge congratulations to both firms who will now travel with the ADGM Fintech team to the Singapore FinTech Festival where they will demo live on 16 November 2017.

FRS Labs and Silent Eight were both shortlisted (along with 9 other global fintech firms) from 166 applications to the innovation challenge which ran on on the Matchi portal earlier this year.

Along with the other 9 finalists, they participated in a 5-week programme run by KPMG Digital Village where they were tasked with developing their solutions to specific industry problem statements. Following this, all 11 presented their solutions to a panel of international industry experts and regulators on the main stage of the FinTech Summit in Abu Dhabi. The two winners were announced live on 22 October 2017.

“For the FinTech Abu Dhabi Innovation Challenge, we had such an amazing group of 11 global firms with such impressive game-changing and transformational solutions that serve to address real business challenges that the financial services industry currently deals with. In the face of such outstanding talents, we had to narrow down to two teams who have solutions that can uniquely help revolutionise the financial services industry today to help build the knowledge-based economy of tomorrow.”Wai Lum Kwok, Executive Director (Capital Markets) of the Financial Services Regulatory Authority of ADGM

“Winning the Fintech Abu Dhabi Innovation Challenge was overwhelmingly fulfilling, after a rigorous five week process. All credit to the KPMG team and the ADGM mentors who ensured we got our message across clearly. We are solving the simple problem of opening a Bank Account, but this has profound value and impact for millions of people. The win has led to a number of client interests which will hopefully help us partner with Financial Institutions and Regulators in the region enabling us to reach our goal of bringing a billion unbanked and underbanked into the formal financial system.” Shankar Palaniandy, CEO and Founder of FRS Labs

ADGM, KPMG Digital Village and Matchi would like to thank each firm for sharing their talents and innovations during this process. We'll be reporting back from the Singapore Fintech Festival with an update from our two winners.

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