• The award has five eligibility criteria and six project/idea selection criteria.
• Winners will be announced following the selection of three feasible projects that meet the specified criteria.
• The award underpins the government’s approaches to fostering innovation and sustainability in the financial sector.
Abu Dhabi: As part of the UAE Innovates 2024 activities, the Securities and Commodities Authority (SCA) announced the launch of the 2024 edition of the Award for Innovation in Capital Markets as a key initiative to foster innovation and encourage the implementation of the standards of excellence and innovation in the UAE financial markets sector.
The award aims to encourage companies operating in the financial sector to come up with innovative solutions that embed sustainability principles, address economic challenges, and seek to achieve future strategic objectives by fostering innovative practices and economic sustainability in the UAE.
The SCA said that the ideas submitted must seek to overcome a challenge facing the UAE capital markets, must have a tangible impact on society, and must have an economic impact that can be measured. It should also be unique, innovative, and feasible.
The SCA established five entry criteria. It said that participation is open to companies registered with or licensed by it and operating in the UAE capital markets sector. Participating companies must have a representative team and must submit a report that meets the eligibility criteria and explains, in detail, how the idea submitted will help address the given challenge.
The SCA has urged all companies operating in the UAE financial sector to submit their applications during the UAE Innovation Month (February 2024) as it will announce winners in March after selecting the three most feasible ideas.
About the Securities and Commodities Authority:
The Securities and Commodities Authority was established under Federal Law No. (4) of 2000 and reports to the Cabinet. It enforces legislative, regulatory, and oversight measures to promote the securities and commodities markets based on scientific and professional principles and in line with the highest standards in the field. Since its inception, the SCA has been licensing and regulating financial markets, thus promoting its status on the local, regional, and international levels.
The SCA has a juristic personality and enjoys administrative and financial independence. It has all the oversight and enforcement powers needed to discharge its functions in line with the law and the regulations issued thereunder.