PRESSR: Inovat’ wins FAB forward Fintech Challenge, run by First Abu Dhabi Bank and Mastercard

The winner received a cash prize of $100,000, the opportunity to work on a proof of concept with the bank as well as exposure to banking leaders, venture capital and potential investment partners

Abu Dhabi, UAE: ‘Inovat’, a digital solution that offers a seamless, fully digital value-added tax (VAT) refund experience for travellers to save them money on shopping abroad, has emerged as the winner of the second edition of the FAB forward Fintech Challenge. This collaborative initiative between Mastercard and First Abu Dhabi Bank (FAB) aims to foster fintech innovation in the UAE.

Under the tagline ‘Drive the future of banking’, the competition invited later-stage fintech startups to submit their pioneering solutions to pressing financial challenges across three categories – ‘Hyper-personalized Experiences’, ‘Blockchain-Powered Business’ and ‘Beyond Banking’. The competition witnessed a strong uptake with over 135 entries received. 

A panel of experts from Mastercard and FAB evaluated the submissions based on innovation and novelty, market potential, business model and revenue potential, product fit, growth strategy, financial health as well as team and execution. Five selected finalists – Inovat, Crayon Data, Fiskl, Nuclei and Uome – presented their ideas at a pitch day. ‘Inovat’ was adjudged winner for its innovative fully digital solution that tackles a real traveller pain point through strategic collaboration with banks and airlines. Their solution not only saves customers money abroad but could also enhance FAB’s digital engagement capabilities. 

The winner was announced at an award ceremony hosted at the FAB headquarters in Abu Dhabi. 

As winner, ‘Inovat’ received a host of benefits, including the opportunity to work on a proof of concept with FAB, exposure to banking leaders, venture capital and potential investment partners as well as a cash prize of $100,000.

The FAB forward Fintech Challenge is a core initiative of the long-term collaboration between First Abu Dhabi Bank (FAB) and Mastercard, reflecting a shared commitment to driving digital transformation and innovation in the UAE’s financial sector. By bringing together FAB’s deep regional expertise and Mastercard’s global technology leadership, the programme provides fintech startups with access to mentorship, real-world validation, and opportunities to collaborate with leading financial institutions.

With a focus on customer-centric innovation and next-generation financial services, the Challenge underscores the importance of collaboration between established industry leaders and emerging fintechs in building a more dynamic and inclusive digital economy for the UAE and beyond.

About Mastercard

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

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