A “first-of-its-kind” accelerator programme has been established in DIFC for tech-focused entrepreneurs, start-ups and SMEs to address the evolving needs of the region’s financial services industry.
FinTech Hive, which was announced on Monday, features 11 finalists and brings together an emerging generation of technology leaders. The programme provides a platform in which they can collaborate with leading regional and international financial institutions to accelerate their fintech potential.
“Today marks a pivotal moment for FinTech Hive at DIFC. Not only are we kicking off the first cycle of the accelerator programme, but we are also excited to announce our first batch of finalists. These 11 start-ups demonstrate a delicate balance of remarkable vision, practical application and commercial potential in the FinTech space”, said Raja Al Mazrouei, Acting Executive Vice President of FinTech Hive at DIFC.
The programme, launched in partnership with Accenture, consists of a 12-week curriculum in which a group of selected finalists work closely with financial institutions, including Abu Dhabi Islamic Bank, Citi, Dubai Islamic Bank, Emirates Islamic, Emirates NBD, HSBC, Mashreq, Network International, RAKBANK, Standard Chartered and Visa, to create real solutions that aim to address the evolving needs of the region’s financial services industry. Several criteria were used to evaluate finalists, including the level of business maturity, the potential to thrive in the FinTech Hive at DIFC ecosystem and degree of fit with the partnering financial institutions.
Sushil Saluja, Senior Managing Director of Financial Services in Europe, Africa, Middle East and Latin America at Accenture said, “The exceptional quality of the proposals we received holds great promise for the future of FinTech in the UAE and the region. As FinTech continues to be a gamechanger for the financial services industry, nurturing innovative talent is a fundamental priority because of the immense benefits it brings to the economy and society. We are proud to play our part, by bringing our expertise in building and running FinTech Innovation Labs around the world, to support DIFC in creating an internationally renowned FinTech ecosystem that can cater to the unique challenges and opportunities of the region.”
