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
QatarEnergy announces force majeure following Iran attacks: statement
DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.
“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.
QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.
Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.
The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.
On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.
Qatar shares the world’s largest natural gas reservoir with Iran.
QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.
In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.
