Launched by the Ministry of Economy and the Securities and Commodities Authority
"Fintech Megathon 2021" ... the largest hackathon to re-imagine the future of financial services in the country
Under the patronage of the Minister of Economy and Chairman of the Board of Directors of the Securities and Commodities Authority, Abdullah bin Touq Al-Marri, "Fintech Megathon 2021" will be launched in the UAE.
Which is the first megathon of its kind at the state level aims to develop the financial technology industry through a number of events that witness wide participation by emerging companies specializing in financial services technology.
The megathon activities, hosted by the FinX22 platform from Fintech Galaxy, will run until February 2022 in two consecutive rounds, and include workshops, training courses and two hackathons to present innovations that meet the challenges.
Fintech Megathon 2021 activities focus on finding financial technology solutions to the challenges facing the financial services sector in 8 main axes, which are: asset management / investment advisory, digital assets / cryptocurrencies, crowdfunding, forex (foreign exchange trading), and the electronic model for conducting Know Your Customer, Small and Medium Enterprise Finance, Financial Inclusion, Supervisory and Regulatory Technology.
The Megathon is held under the slogan "Reimagining the Future of Inclusive Financial Services", and seeks to encourage innovators, financial institutions, regulatory bodies and partners in the work system in the UAE to cooperate and mobilize resources, in order to develop prototypes to address a number of challenges facing the financial services industry. A number of leading institutions in the country are participating in the Megathon as strategic partners, such as the Abu Dhabi Stock Exchange, First Abu Dhabi Bank, Emaar and the United Arab Bank.
Bin Touq said, "The launch of programs and events such as (Fintech Megathon 2021) organized by the Securities and Commodities Authority (SCA), which helps to enhance the innovation environment in the country, raise the level of coordination between government and private institutions, and encourage emerging companies to play an influential role in developing innovative solutions to the challenges facing Carrying out our tasks, achieving optimal employment of modern technology, and creating new opportunities for growth, His Excellency continued that these initiatives are complementary to the Ministry of Economy’s continuous efforts aimed at enhancing the competitiveness of the national economy and meeting the requirements of sustainable development.
In turn, the Acting CEO of the Securities and Commodities Authority, Dr. Maryam Al-Suwaidi, said: “Within the framework of the Authority’s strategic mission to preserve the rights of investors, encourage sound practices and create an attractive environment for capital using innovative systems, the Authority is pleased to announce the launch of (Ventic Megathon 2021) after it became Financial technology today is an integral part of the financial services industry, and it is very important to take advantage of the efficiency provided by technology to address the difficulties facing dealers in the financial services industry in the UAE. "
"We are very excited to contribute to this creative collaborative initiative that aims to address the most important challenges currently facing the industry," said Merna Soliman, Founder and CEO of Fintech Galaxy.
The "Fintech Megathon 2021" for the Securities Commission will be held for two consecutive rounds, and hosted by the FinX22 platform from "Fintech Galaxy".
The first hackathon will start in May 2021, and the second hackathon in December 2021.
The FinX 22 platform allows innovators and financial institutions to view, interact and collaborate with each other, allowing them to mobilize resources and prototype future fintech solutions within the protection mechanisms on the Fintech Galaxy API.
The platform also contributes to strengthening partnerships and cooperation between emerging and established technology innovation companies and leading banks in the UAE.
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