SCA and MoE launch the Fintech Megathon 2021, to reimagine the future of the financial services industry in the UAE 

Under the patronage of H.E. Abdullah bin Touq Al Marri, Minister of Economy (MoE) and Chairman of the Board of the Securities and Commodities Authority (SCA), the Fintech Megathon 2021 has now been launched in the UAE. The first-of-a-kind nationwide megathon is aimed at furthering the development of the fintech industry by bringing together a large array of startups specialized in financial services technology.

Powered by Fintech Galaxy’s FinX22 platform, the megathon will run until February 2022 on two sprints and will include workshops and training sessions, plus two hackathons to showcase innovations that help better address challenges.

The Fintech Megathon 2021 is centered on finding innovative technical solutions to the challenges facing the services sector under eight thematic areas:

• asset management/investment advisory;
• digital assets/cryptocurrencies;
• crowdfunding;
• forex (trading of foreign currencies;
• e-KYC form;
• SME financing;
• financial inclusion;
• suptech and regtech.

Held under the slogan “Reimagining the Future of Inclusive Financial Services”, the megathon encourages innovators, financial institutions, regulators, and other ecosystem partners across the UAE to collaborate and crowdsource to produce prototypes with the aim of addressing specific problems hindering the financial services industry. Taking part in the megathon as strategic partners are prominent institutions from the UAE, such as the Abu Dhabi Securities Exchange (ADX), the First Abu Dhabi Bank (FAB), EMAAR, and the United Arab Bank (UAB).

The SCA Fintech Megathon 2021, hosted on Fintech Galaxy’s FinX22 platform, will run in two sprints. The first hackathon will kick off in May 2021 and the second hackathon will kick off in December 2021. The FinX22 platform will enable the screening, interaction, and collaboration among innovators and financial institutions, allowing them to crowdsource and prototype fintech solutions prospectively in Fintech Galaxy’s API Sandbox. It will promote partnerships and collaboration between established and startup fintech firms as well as leading banks from across the UAE.