Empowering SMEs and the finance sector through the FinTech Abu Dhabi Innovation Challenge
After five months of intense pitching amongst 189 applications, TAIGER has emerged as FinTech Abu Dhabi Innovation Challenge’s winning solution for Anglo-Gulf Trade Bank (AGTB) with Omnitive Extract!
The FinTech Abu Dhabi Innovation Challenge is an annual quest for disruptive yet innovative tech-based solutions from startups across the globe. It poses as a flagship initiative of the FinTech Abu Dhabi event co-hosted by The Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM). Unlike typical challenges, applicants move beyond proposing solutions and instead have the opportunity to execute Proof of Concepts (PoCs) or prototypes that address real business issues championed by corporates.
This year, in its fourth installment, the challenge saw seven firms out of 189 applicants awarded with winning solutions following a five-month highly competitive selection process. These solutions go to innovatively address the pain points faced in the financial service sector and focus on initiatives to promote financing for small and medium enterprises (SMEs), the digitalisation of financial services, and RegTech solutions. These SMEs are instrumental stakeholders in the UAE’s plans for economic transformation and diversification.
A winning solution for Anglo Gulf Trade Bank
TAIGER clinched the winning title for Problem Statement 2 by corporate partner Anglo-Gulf Trade Bank. Presented was a next generation automation solution powered by TAIGER’s AI-powered information extraction engine, Omnitive Extract. It streamlines information access and extraction by pulling both structured and unstructured information from ADGM’s API to onboard SMEs registered in ADGM, yet with contractually guaranteed unparalleled accuracy. The solution reduces costs and human risks, while increasing efficiency and trimming processes for organisations.
Bringing the solution to light
AGTB worked with TAIGER to develop a PoC for enhancing its digital on-boarding processes for SMEs. Under the new partnership, TAIGER and AGTB will also be eligible for grant funding to further develop and test the solution in the ADGM Digital Lab with supervisory guidance of CBUAE and the Financial Services Regulatory Authority (FSRA). Equipped with API connectivity, digital toolkits and synthetic data to create representations of a bank’s operating environment, the Digital Lab enables open collaboration by bringing financial institutions, FinTechs and regulators together in the experimentation and procurement of innovative solutions, accelerating the solution adoption process.
AGTB’s client onboarding journey accelerated and seamless
After weeks of working on our Proof of Concept with AGTB, we developed a solution to extract information from two types of unstructured documents – the Board Resolution and Proof of Ownership. Working with a fully digital bank meant client experience was of paramount importance for AGTB and we had to work with their strong compliance standards.
We showcased our winning solution during the FinTech Abu Dhabi Innovation Challenge Demo Day, as part of the FinTech Abu Dhabi event on 25 November 2020.
Watch the video playback below to hear more about Omnitive Extract’s application in FinTech to transform SME loan onboarding and what Andrius Anelauskas, Director, Client Relationships from AGTB felt about working with TAIGER.
“TAIGER’s solution came across as the most suited one of all the applicants, the one that can really add value for our onboarding journey and meet those demands” – Andrius