The 12-week programme aims to accelerate startups within the early and growth stages by providing them with insights and exposure to top financial institution executives.
Selected participants will have the opportunity to develop and test their products and solutions in collaboration with senior financial representatives. These include representatives from the DIFC Authority, Accenture, Citi, HSBC, Standard Chartered, Visa, Emirates NBD, and Mashreq.
“The FinTech Hive at DIFC will connect innovators in financial services technology with the banks, financial institutions and service providers within our dynamic ecosystem at DIFC,” DIFC Authority CEO Arif Amiri said in a press release.
Amiri said the programme is aligned with the UAE National Innovation Strategy and Dubai Plan 2021, which aims to position Dubai as one of the smartest cities in the world.
‘We will connect innovators with the banks, financial institutions and service providers’
The programme provides selected participants with access to mentorship from partnerships such as Facebook and Envestnet.
“Emerging technologies are playing a pivotal role in the transformation of financial services. As Dubai evolves towards its smart city vision, and the broader Middle East, Africa and South Africa (MEASA) region looks to accelerate and connect through investment ventures, fintech becomes critical,” said Omar Boulos, the regional managing director for Accenture in the Middle East and North Africa.
“The FinTech Hive at DIFC opens up opportunities for those who understand the regional challenges well, and offers a chance to those international entrepreneurs who are able to apply lessons from around the world,” Boulos continued.
Eligible startups will be judged by their maturity, growth stage, market traction as well as financing profiles. Eligible participants will also need to have a prototype or service in at least one market, the startup will also need to be looking to grow within the MEASA region.
Once they have completed the programme, participants will able to present their solutions to a panel of judges at a demo day to an audience of venture capital fund managers and executives.