Dubai
DIFC FinTech Hive, announced the commencement of the 2019 edition of its accelerator programme. The third edition of the programme launched by the region’s first financial technology accelerator received an overwhelming response of 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 startups, 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 specializing in the FinTech sector, four specializing 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 on set criteria including business proposition viability, applicability of technology to the region, potential to benefit from the programme, followed by extensive one-on-one interviews.
With its broad remit, FinTech Hive continues to lead the region’s efforts in providing an enabling environment for innovative solutions to contribute to the development of the financial services industry, in line with Dubai Plan 2021 and DIFC’s 2024 Strategy.
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 innovative and forward-looking solutions 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 startups will work with leading insurance players, 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.