Third edition of DIFC FinTech Hive accelerator programme kicks off
Thirty-one finalists to receive training and mentoring partner institutions
The third edition of the programme launched by the financial technology accelerator received over 425 applications from across the world, including Asia, Europe, North Africa and the Middle East.
This year’s programme will feature a larger pool of start-ups, having increased by around 50% to 31 this year, from 22 in 2018, covering a broader scope to include FinTech, InsurTech, RegTech and Islamic FinTech. The finalists consist of 15 start-ups specialising in the FinTech sector, four specialising in the Islamic FinTech sector, ten in the InsurTech sector, and two in the RegTech sector.
The selected were evaluated by the programme’s partners, who made an assessment based business proposition viability, applicability of technology to the region, potential to benefit from the programme, followed by extensive one-on-one interviews.
“We are incredibly pleased to see the overwhelming response received for the third cohort of the accelerator programme, which is a testament to our commitment to shape the future of the regional financial landscape. With Dubai recognised as one of the world’s top ten FinTech hubs, and the leader in the MEASA region, DIFC is well placed to drive this growth and serve as a platform for aspiring entrepreneurs to access these vast opportunities,” said Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive. “We are looking forward to another successful edition of the programme and wish the finalists all the very best,” she added.
The accelerator programme consists of a three-month curriculum in which a group of selected finalists work closely with stakeholders and representatives from various fields to create products that aim to address the evolving needs of the region’s financial services industry. The 21 participating partners who will mentor the start-ups include Abu Dhabi Islamic Bank (ADIB), Emirates Islamic, Emirates NBD, Finablr, HSBC, National Bank of Fujairah, Noor Bank, Riyad Bank, Standard Chartered, and Visa, as well as associate financial institution partners Arab Bank and First Abu Dhabi Bank (FAB).
InsurTech start-ups will work with insurance players such as AXA Gulf, Noor Takaful (Ethical Insurance), Zurich Insurance Company Ltd (DIFC), AIG, Insurance House, Cigna Insurance Middle East S.A.L. and MetLife. In addition, this year’s finalists will be supported by strategic partner Dubai Islamic Economy Development Centre (DIEDC) and digital transformation partner Etisalat.
The programme will culminate in an ‘Investor Day’, offering the participating start-ups an opportunity to showcase their technologies and achievements to prospective partners and investors.