Sunday 21 April 2019

FinTech Hive gets big response for 2018 edition

DUBAI, July 11, 2018

Dubai-based FinTech Hive, a top financial technology accelerator, has received over 300 applications from all around the world–triple the number of applications received in 2017—for its 2018 edition in September to be launched in partnership with Accenture.

Of all applications received, 50 per cent were for FinTech solutions, while the remaining 50 per cent were divided amongst InsurTech (20 per cent), Islamic FinTech (15 per cent) and RegTech (15 per cent).

The applications covered a wide range of technical and functional solutions including Artificial Intelligence (AI) & Machine Learning, Blockchain, Crowdfunding, Lending & Payments, Trading & Investment as well as Financial Advisory.

The additional partners for the 2018 programme are First Abu Dhabi Bank, National Bank of Fujairah, Riyadh Bank, Arab Bank, MasterCard, ADNIC, Zurich Insurance, AIG Insurance, Takaful Emarat, Noor Takaful and Noor Bank. Throughout the 12-week programme, all the partners will work closely with the startups to help them create solutions that address the evolving needs of their respective industries.

The diversity of geographies represented in the application process is the result of DIFC’s collaboration with its network of strategic partners across international FinTech hubs, such as New York, London and Hong Kong.

The Centre’s ongoing focus is on attracting UAE-based and home-grown companies to leverage the FinTech ecosystem it offers to develop their businesses. Over 25 per cent of the applications received by the programme were from UAE-based applicants. The programme also attracted considerable interest from the UK, India, USA, and Nigeria.

Raja Al Mazrouei, executive vice president of FinTech Hive at DIFC said: “FinTech Hive at DIFC is a great platform for ambitious startups that are looking for growth opportunities. The overwhelming number of applications we received, together with the diversity of their countries of origin, is not only testament to the success of the programme, but also to the increasing demand for disruptive technologies in the region and beyond.

“Through tripling our commitment to include new thematic programmes, FinTech Hive at DIFC continues to bridge the gap between creative entrepreneurs and well-established financial institutions looking for innovative solutions to their everyday challenges.”

Al Mazrouei added: “All of the programmes and efforts we are leading at DIFC are closely aligned with the UAE National Innovation Strategy, as well as governmental agendas such as Dubai Plan 2021 and UAE Vision 2021, which look to progress the growth and development of the country.”

DIFC and the partnering financial institutions will assess the applications based on whether the proposed innovation is unique, feasible and meets industry demands. The top applicants will be shortlisted and interviewed, from which 15 finalists will be selected on September 4, 2018. – TradeArabia News Service

Tags: FIFC | Accenture | 2018 | FinTech Hive |

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