Abu Dhabi Global Market, the emirate’s international financial free zone, has picked five local and international financial technology start-up companies to mentor as part of a programme to help small businesses get off the ground.
Those companies – Now Money, Titanium Escrow, CapitaWorld, Rubique and Finalytix – were chosen from 11 applicants for its Reglab programme.
"We are pleased to welcome our first group of Reglab participants who have successfully demonstrated their understanding of the market needs with their transformational solutions. We will support our Reglab participants to focus on sharpening their solutions while leaning on ADGM and its partners to take them through the develop-test-and-implement journey," said Richard Teng, ADGM’s chief executive.
"This is also a valuable journey for ADGM and the region as we guide the very first team of fintech companies through the regulatory environment to realise their innovations."
Mr Teng said that ADGM was to open applications for the second round of fintech applications yesterday and that it would close on 31 July.
Two of the companies chosen are from the UAE: Now Money and Titanium Escrow.
Now Money uses mobile technology to help low-income migrant workers to access banking and remittances services. Titanium Escrow is an automated escrow services company that seeks to bring stability to the cash cycle of small businesses. Two others, CapitaWorld and Rubique come from India.
Capitaworld helps consumers get a loan by allowing a borrower to make one application for a loan that the company will then submit to several banks. Rubique also helps individuals as well as small- and medium-sized enterprises to get loans and credit cards.
Finalytix is a US robo-advisory platform that helps its clients invest.
ADGM has played an active role in helping support fintech companies. This week it hosted a Citi Group event that challenged fintech companies to come up with technological solutions for governments to cut down on corruption and facilitate payments governments make.