Plug and Play Launches Startup Innovation Platform in the Middle East
Plug and Play Fintech expands to Abu Dhabi
SUNNYVALE, Calif., Oct. 24, 2017 /PRNewswire/ -- Plug and Play announces its partnership with Abu Dhabi Global Market (ADGM) to create a footprint in the Middle Eastern region. In the last two years, the Middle East has been proactive in deploying resources from both the public and private sectors into the innovation space with fintech playing an active role. The collaboration between Plug and Play and ADGM will represent an open innovation hub for a multitude of partners across the financial sector, running a three-month accelerator program once per year. The mission of this new program is to attract high quality startups internationally to work more proactively with financial institutions in the region. The first class of startups will be accepted in Q3 of 2018.
"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.
"We are very excited at the opportunity to continue to scale our Fintech activities in the key financial hubs of the world and Abu Dhabi represents an important step in enrolling additional opportunities for our ecosystem of entrepreneurs," says Scott Robinson, Founder of Plug and Play's Fintech initiative.
"Through ADGM's regional sphere of influence, we are able to empower startups and entrepreneurs to gain access to top-tier regulatory mentorship, whereby they can gain more 'push-power' in working with financial enterprises in the private sector," says Omeed Mehrinfar, Director of Plug and Play EMEA. "We look forward to accepting the first class of startups and strengthening the entrepreneurial ecosystem in the region."
The partnership brings together major corporations and fintech startups to work closely together and create an impact in the financial industry. This will draw in more entrepreneurial talent as well as mentors and investors to the Middle East, making Abu Dhabi the fintech hub of the region. Startups in Abu Dhabi will also be given access to Plug and Play's global fintech offices in Silicon Valley, Paris, Tokyo, and New York.
Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM, added, "It is very exciting times in Abu Dhabi and the region, particularly in terms of the financial developments, business activities, and flourishing FinTech opportunities. 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."
Plug and Play will bridge the gap between Silicon Valley and the Middle East to strengthen the startup ecosystem. During the three-month program, startups will have the opportunity to meet and create business opportunities with top tier Middle Eastern corporations, investors, and mentors.
Startup entrepreneurs and financial institutions interested to learn more, visit: www.plugandplaytechcenter.com/abu-dhabi.
About Plug and Play
Plug and Play is a global innovation platform. We connect startups to corporations and invest in over 150 companies every year. Since inception in 2006, our programs have expanded worldwide to include a presence in 22 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 6,000 startups and 180 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 365 networking events per year. Companies in our community have raised over $6 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk. For more information, visit www.plugandplaytechcenter.com.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an International Financial Centre located in the capital city of the United Arab Emirates, opened for business on 21 October 2015.
In line with the Abu Dhabi's Economic Vision, ADGM is a natural extension of Abu Dhabi's role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world's largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM's three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM's foundation is anchored on three of Abu Dhabi's strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace. For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket, @FinTechAD, #FinTechAD, and LinkedIn: ADGM.
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SOURCE Plug and Play
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