DUBAI: Abu Dhabi Global Market (ADGM) on Thursday said that it has received 166 applications from start-ups for its inaugural financial technology innovation challenge.
Majority of the applications, sent in from 39 countries, were from major international fintech markets and emerging centers including the UK, Singapore, India, US, Hong Kong, China, Australia, and the UAE.
The ADGM initiative is being undertaken in partnership with KPMG Digital Village, where participants will take part in a five-week program to contextualize and present market-ready solutions that address problems in the financial industry.
The finalists will showcase their products and solutions on October 22 during the Fintech Summit in Abu Dhabi, where two winners would also be chosen by a panel of industry experts. The winners would also demonstrate their products and solutions at the Singapore FinTech Festival in November.
“We are excited to have received such strong support from the global fintech community in response to our call for innovative solutions to address real business challenges in this region,” Wai Lum Kwok, the Executive Director of Capital Markets, Financial Services Regulatory Authority of ADGM, said in a statement.
“Fintech is about integrating the latest cutting-edge technologies into everyday financial services, and normalizing them. At ADGM, we want to walk the talk when it comes to innovation.”
Abu Dhabi Global Market attracts 166 global start-ups for fintech innovation challenge
Abu Dhabi Global Market attracts 166 global start-ups for fintech innovation challenge
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
