DUBAI, United Arab Emirates — FinTech Hive at DIFC, the first and largest financial technology accelerator in the Middle East, Africa and South Asia region, will begin accepting applications for its 2018 programme starting May 20, kicking off a competitive search for the top financial technology (fintech) and insurance technology (insurtech) innovators in the region.
The FinTech Hive at DIFC was launched last year by the Dubai International Financial Centre (DIFC) in partnership with leading global professional services company Accenture (NYSE: ACN). The 2018 edition of the accelerator programme expands its scope to include insurtech, as well as Islamic finance and regulatory technology (regtech) solutions.
The focus on insurtech comes amid rapid growth in the sector, with both the volume and value of deals jumping in 2017, and puts FinTech Hive at DIFC in a position to connect insurance firms with this new wave of innovation in the region.
New insurance partners of the 2018 programme include AIG, Takaful Emarat and Zurich Insurance Company Ltd., who will join new financial institution partners First Abu Dhabi Bank, Arab Bank, and Noor Bank, along with returning partners Abu Dhabi Islamic Bank, Citi, Emirates Islamic, Emirates NBD, HSBC, Mashreq, Standard Chartered, UAE Exchange and Visa. The participating financial institutions and insurance companies will ideate, collaborate and partner with startups in a wide-ranging 12-week mentorship and networking programme.
FinTech Hive at DIFC will also feature the Dubai Islamic Economy Development Centre (DIEDC) as a strategic partner again this year. The DIEDC will focus on reaching start-ups in Islamic finance, an important pillar for the region. The programme will continue to bridge the gap between innovative tech entrepreneurs and financial industry giants while providing a platform that promotes cutting-edge innovation in line with Dubai Plan 2021 and the Centre’s 2024 Strategy.
“As FinTech continues to be a game-changer for the financial services industry, nurturing innovative talent is a fundamental priority because of the immense benefits it brings to the economy and society,” said Raja Al Mazrouei, Executive Vice President of FinTech Hive at DIFC. “By connecting innovators in financial services technology with the banks, financial institutions and service providers, we are providing a world-class platform to develop solutions that meet the specific needs of, and address the challenges faced in, the region.”
Amr El Saadani, managing director of Accenture’s Financial Services practice in the Middle East and Turkey, said, “ In addition to offering international entrepreneurs a chance to apply lessons from around the world, FinTech Hive at DIFC opens opportunities for those who understand the regional challenges. We are proud to support DIFC in creating an internationally renowned FinTech ecosystem that can cater to the unique challenges and opportunities of the region.”
Initial selection of programme participants will be based on maturity, life stage, market traction and financing profiles. Applicants will need to have a well-defined prototype or service implemented in at least one market and be looking to expand into the region. This year’s programme will start on Sept. 4 and culminate at an Investor Day later in the year, when up to 10 participants will present their solutions to an audience of venture capitalists and financial industry executives.
Information about the programme and application criteria can be found fintechhive.difc.ae. Applications close on June 24.
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About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is one of the world’s top ten financial centers, and the leading financial hub for the Middle East, Africa and South Asia. The Centre provides a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas and facilitates growth in South-South trade and investment. An onshore, international financial center, DIFC offers a stable, mature and secure base for financial institutions to develop their wholesale businesses.
The Centre offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulator and judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.
Located midway between the global financial centers of New York, London in the West and Singapore, Hong Kong in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centers in both Asia and North America.
In 2015, DIFC launched its 2024 growth strategy, a blueprint for the next decade of growth of the financial hub. This strategy aims to stimulate trade and investment flows along the South-South economic corridor encompassing the Middle East, Africa, Southern Asia and Latin America.
Currently, 1,853 active registered companies operate from the Centre, with a combined workforce of 22,338 professionals.
DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 3 billion and nominal GDP of US$7.4 trillion. For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.
About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 442,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
For media enquiries, please contact:
Hajar Al Ketbi
Dubai International Financial Centre Authority
Vice President - Corporate Communications & Public Relations
+971 4 362 2440
Hajar.AlKetbi@difc.ae
Theodore Halabi
Accenture
Media and analyst relations lead, Middle East and North Africa
+971 50 662 7053
theodore.halabi@accenture.com
