The Dubai International Financial Centre FinTech Hive, released the details of the third edition of its accelerator programme in an announcement that came yesterday. The region’s first financial technology accelerator launched the 2019 edition of their programme, which generated strong interest with 425 start-ups submitting applications from across the world, including Middle East, North Africa, Europe, and Asia.
The third edition of this programme features a larger number of start-ups, almost 50% more than the previous year when only 22 start-ups were selected. The start-ups from different sectors have been included in the programme, including 15 from the FinTech sector, 10 from the InsurTech sector, 4 from the Islamic FinTech sector, and 2 in the RegTech sector.
For the three-month curriculum programme of this year, the shortlisted startups were evaluated by the representatives of the programme’s partners, who took into account the viability of the business proposition, potential benefitting from the programme, and the applicability of technology. The shortlisted participants had to go through an extensive process of interviews as well.
This programme is a result of FinTech Hive’s continued efforts to provide innovative solutions and an environment for the financial services industry to thrive, which is in line with the Dubai International Financial Centre’s 2024 Strategy and the Dubai Plan 2021.
Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive, said that at DIFC and FinTech Hive, the innovation and financial technology are the basis of their strategy which explores the ways in which the young can be helped and the startups can rapidly grow in an enabling environment. She also expressed her excitement over the overwhelming response this year’s programme has received, which speaks volumes about their efforts and commitment to build the regional financial services landscape.
The finalists will work closely with the representatives and stakeholders from multiple fields for the purpose of creating innovative solutions aiming to address the rapidly changing needs of the region’s financial landscape.
The 21 partners that will mentor and guide the shortlisted start-ups, include Emirates Islamic, Emirates NBD, Abu Dhabi Islamic Bank (ADIB), Finablr, National Bank of Fujairah, HSBC, Riyad Bank, Noor Bank, Visa, Standard Chartered, the Arab Bank and the First Abu Dhabi Bank (FAB) as well.
InsurTech start-ups will work with key insurance entities, including Noor Takaful (Ethical Insurance), AIG, AXA Gulf, Insurance House, Zurich Insurance Company Ltd (DIFC), MetLife, and Cigna Insurance Middle East S.A.L. Moreover, digital transformation partner Etisalat and the strategic partner Dubai Islamic Economy Development Centre (DIEDC) will also provide their support for the finalists.
The finalists shortlisted for this year’s accelerator programme of the FinTech Hive are:
AECA (Singapore), AuditXPRT Limited (UK), Azakaw (UAE), BodyO (UAE), Clear Quote (India), Crayon Data (Singapore), DAPI (UAE), Eazy Financial Services (Bahrain), FinFirst (Kuwait), Hakbah (Saudi Arabia), HelloGold (Malaysia), i3systems (India), Intain FinTech (Singapore), IslamiChain (UAE), Jubi.ai (UAE), KASKO (UK), Krowd (UK), LEAP FinTech (UAE), Medyear (USA), Monimove (UAE), NEO MENA Technologies (UAE), Okanii (Canada), Prime Factor (Belgium), Seyula.io (UAE), Statys (UAE), Upswot (Ukraine), UPUP (Czech Republic), Uqudo (UAE), Wally (USA), Wethaq Capital Markets (UAE), and ZappyAI (UK).
The programme will provide the start-ups with an opportunity to showcase their talent and technologies to prospective partners and investors on a scheduled ‘Investor Day’.