FinTech Abu Dhabi Innovation Challenge 2020: modefinance among the winners

Fintech 26 November 2020

Today we are excited to share a big announcement: the Central Bank of The UAE and Abu Dhabi Global Market (ADGM) noticed modefinance among the winners of the FinTech Abu Dhabi Innovation Challenge 2020.

The annual Fintech Abu Dhabi Innovation Challenge awards solutions showing an innovative approach to address the pain points of the financial service sector, promoting financing for small and medium enterprises (SMEs), the digitalization of financial services, and the adoption of RegTech solutions. This year's Innovation Challenge called for the development of proof of concept (PoC) solutions or prototye to promote financing for SMEs, which are an instrumental stakeholder in the UAE’s plans for economic transformation and diversification.

Following a five-month highly competitive selection process, modefinance has been announced as winner, together with Uqudo, Market IQ, Taiger, FutureFlow, Elucidate, and Finverity, out of the 189 most disruptive emerging and scaling FinTech talent from across the world. The achievement is the result of a fruitful collaboration with Etihad Credit Insurance, for which we are developing a credit rating model capable of supporting ECI in managing risk by assessing the creditworthiness and probability of default of counterparties.

“The collaboration with Etihad Credit Insurance couldn’t lead to a greater acknowledgement“ Valentino Pediroda, modefinance CEO and co-founder, says. “The implementation of advanced AI-based credit risk management boosts process automation to a whole new level, reducing human effort, making it easier to perform accurate and in-depth analyses, and streamlining the decision-making process. The first beneficiaries are customers: efficient back-end processes cut off the waiting times to access finance services”.

As a winning start-up, modefinance we will be able to access a grant funding and the ADGM Digital Lab, a virtual environment with access to resources such as synthetic data, APIs and digital toolkits, where financial institutions, FinTechs, and regulators can collaborate in the experimentation and procurement of innovative and regulatory-compliant solutions