One of the world’s most renowned startup platforms is heading to the Middle East.
In a bid to further boost the region’s buoyant fintech sector, the Abu Dhabi Global Market (ADGM) has signed a deal with Plug and Play to attract the most promising international startups. Silicon Valley’s Plug and Play accelerator connects corporates with startups that can support their specific strategic needs. Like an innovation conveyor belt, it works to supply big business with the new products and ideas it demands.
“It is with great pleasure to initiate a fintech hub in the Middle East in partnership with ADGM. In Silicon Valley, Paris, Tokyo, and New York, we have been able to work with Deutsche Bank, Credit Suisse, BNP Paribas, MUFG, and a number of other large financial institutions to participate in their journey of digital transformation by connecting these institutions with great startups,” says Saeed Amidi, Founder & CEO of Plug and Play.
Plug and Play Abu Dhabi is expected to welcome its first cohort – to the three month programme – later next year.
“We are pleased to have Plug and Play as our acceleration programme partner and establish the Acceleration Programme within the new ADGM FinTech Innovation Centre. We look forward to working closely with our global partners to create more success stories in Abu Dhabi and the MENA region,” said Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM.
It is the latest stop for the Plug and Play platform. Innovators Magazine reported last month that back in Silicon Valley, where it all began, more than 100 of the brightest young firms recently arrived for the winter to take forward their innovations across five focus areas: Internet of Things, Mobility, Health & Wellness, Insurtech, and Travel & Hospitality.
“Startups have the ability to shift an industry and drive economic growth. Our goal is to find entrepreneurs who are not only passionate about changing the world, but who have created technologies that will directly impact our corporate partner’s focus areas,” added Saeed Amidi, Founder & CEO of Plug and Play.
