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- Mentorship network of 21 partner institutions covering financial services, insurance regulation and Islamic Finance
Dubai: The DIFC FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, announced it has begun accepting applications for the third cycle of its hugely successful accelerator programme.
The third cycle will kick off in September, welcoming select FinTech start-ups to an intensive three-month programme, which will include guidance and mentorship from 21 partners, comprising financial institutions, insurance firms and strategic partners. As in previous years, the start-ups will be presented with the opportunity to engage with executives from their respective fields at an early stage of their development and will be given the chance to advance and test innovative technologies that address the sector’s ongoing challenges.
During a dedicated launch event, the participating partners identified and outlined key challenges faced by the regional financial industry to serve as a framework for the types of concepts they would like to see amongst this year’s finalists. There was significant interest in FinTech technologies that address credit scoring, customer acquisition and onboarding, as well as cyber security and data analytics. InsurTech-focused finalists are invited to provide technologies that focus on data aggregation, connectivity and customer journey.
On this occasion, Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive, said: “We are excited to begin accepting and reviewing applications for the third cycle of the programme. FinTech Hive plays a crucial role in DIFC’s efforts to shape the future of the regional financial landscape. It is part of an ecosystem that includes an enabling infrastructure, fit-for-purpose-regulation, subsidised licensing and most importantly, access to some of the world’s pioneering financial institutions.
Al Mazrouei added: This year, we have continued to work closely with our programme partners to identify the challenges from the very beginning and benefit from their insights at an early stage. These valuable insights help our finalists develop technological solutions that are relevant and impactful in today’s financial world.”
FinTech start-ups this year will receive mentorship from principal financial institution partners including Finablr, Standard Chartered, Visa, National Bank of Fujairah, Emirates Islamic, Emirates NBD, Noor Bank, HSBC, Riyad Bank, Abu Dhabi Islamic Bank (ADIB), as well as the associate financial institution partners Arab Bank and First Abu Dhabi Bank (FAB).
InsurTech start-ups will work closely with DIFC’s FinTech Hive insurance partners, AXA Gulf, Noor Takaful (Ethical Insurance), Zurich Insurance Company Ltd (DIFC), AIG, Insurance House, Cigna Insurance Middle East S.A.L. and MetLife, to help them develop game-changing solutions that address the growing requirements of the industry.
In addition, this year’s FinTech and InsurTech finalists will be supported by strategic partner Dubai Islamic Economy Development Centre (DIEDC) and digital transformation partner Etisalat.
Last year’s edition saw over 80 mentorship pairings established between executives from leading financial organisations and programme start-ups. In addition, the accelerator initiated 20 proof of concepts (POCs), of which four were executed during the 12-week programme. DIFC also announced a further AED 10 million commitment towards the expansion of the FinTech Hive workspace, further enhancing the collaborative enabling environment available to start-ups and entrepreneurs within the Centre.
During DIFC’s Global Financial Forum in March, FinTech Hive signed three MoUs with new FinTech hubs – FinTech Saudi, Milan’s FinTech District and FinTech Istanbul. The agreements bring the size of FinTech Hive’s network of strategic partnerships to 14 FinTech hubs in various parts of the world, including New York, London, Hong Kong, Kuala Lumpur, Singapore, Mumbai, Paris, Brussels, Holland, Saudi Arabia and Bahrain.
To apply for the third cycle of the FinTech Hive programme, please visit: fintechhive.ae
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About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of USD 7.7 trillion.
With a 15-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of more than 23,000 professionals working across over 2,100 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance. Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC.
About DIFC FinTech Hive
The DIFC FinTech Hive is the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region. The programme provides start-ups from all around the world the opportunity to engage with world-renowned financial institutions, insurance firms and strategic partners to test and develop technologies that address the sector’s ongoing challenges.
The accelerator offers its participants a wide-range of benefits accessible through DIFC’s dynamic FinTech ecosystem, including cost-effective licensing solutions, fit-for-purpose regulation, an interactive and collaborative workspace, access to DIFC’s US $100 million FinTech fund, and the largest financial community in the r2egion – today comprising over 2,100 companies, of which 80 are FinTech sector-related.
Through its network of over 60 financial, insurance, strategic, digital, and legal partners, the accelerator welcomes start-ups that cover the emerging trends of FinTech, InsurTech, RegTech and Islamic FinTech, and supports both early stage entrepreneurs as well as those in their growth period. Today, DIFC FinTech Hive’s network of international partnerships extends across 14 FinTech hubs in various parts of the world, including New York, London, Hong Kong, Kuala Lumpur, Singapore, Mumbai, Paris, Brussels, Holland, Saudi Arabia and Bahrain.
For further information, please visit our website: fintechhive.ae , or follow us @DIFCFinTechHive
For media enquiries, please contact:
Manal Shaikh
Dubai International Financial Centre Authority
Senior Manager, Communications
Tel: +971 4 362 2453
Email: manal.shaikh@difc.ae
Nour Nahhas
Brunswick Group
Tel: +971 56 503 4851
Email: DIFC@brunswickgroup.com
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