DIFC’s FinTech Hive triples in size to accommodate more startups

SOURCE: The National

Three accelerator programmes are currently being conducted from the space within the centre

Dubai International Financial Centre’s FinTech Hive is tripling in size to accommodate additional start-ups and host more events and workshops.

The financial freezone, which launched FinTech Hive in 2017, has developed it into one of the biggest FinTech accelerators in the region. As of September last year, more than 100 FinTech companies were registered at the facility - a three-fold growth in the number of firms since the end of 2018.

"FinTech Hive has offered a dynamic and robust platform to support the region’s growing FinTech industry, enabling them to drive innovation in the Middle East, Africa and South Asia region,” Raja Al Mazrouei, executive vice president of FinTech Hive at DIFC, said.

“The increased physical footprint of DIFC FinTech Hive reflects the exponential growth in financial technology ... and increased demand for mentorship, knowledge-sharing, funding and direct access to leading global financial institutions,” the financial freezone said in a statement.

Currently, three accelerator programmes are conducted from the space within the centre.

These include an early stage programme to support start-ups with seed funding and development support, the FinTech Accelerator programme for growth stage start-ups and a 'scale-up' programme to enable series A start-ups connect to venture capitalists.

It will also house Startupbootcamp, which has already announced plans to accelerate start-ups working in a range of fields impacting financial services innovation such as artificial intelligence, machine learning and distributed ledger technologies during the next three years.

“The expansion of DIFC FinTech Hive is a reflection of our commitment to reinforce Dubai’s position as one of the world’s top ten FinTech hubs, attract major global players from across markets and technologies and drive the future of finance through an enabling business environment,” said Saleh Al Akrabi, chief executive of DIFC Property Management.

Want to know more about the key trends in the FinTech ecosystem and what drives them? Access our full 100+ page MENA FinTech report HERE

Source: thenational.ae