Successful firms taking part in the DIFC FinTech Hive Accelerator programme can unlock opportunities to develop, test and modify their innovations in collaboration with top executives and world-leading financial institutions as part of a forward-thinking professional community. DIFC FinTech Hive also helps start-ups tailor their technologies to meet local demand and enter the MEASA market with innovative ideas whilst tapping into a network of financial industry leaders to enable implementation and adoption of these technologies by the partnering financial institutions.
This year’s programme attracted leading technology entrepreneurs and start-ups in areas of deeper tech. Participants were selected through an intensive, competitive process to participate in a 14-week curriculum that helps growth-stage start-ups expand in the MEASA region. In addition to UAE talent, the 2020 cohort had a truly global feel given it included start-ups from Africa, Asia, Europe, the GCC and North America.
The start-ups cover a broad range of sectors such as FinTech, RegTech and Islamic FinTech. They address key technology innovation themes including Open Banking (APIs), Artificial Intelligence, Anti Money Laundering (AML) and Data Analytics.
Raja Al Mazrouei, Executive Vice President at DIFC FinTech Hive, said: “The solutions sourced for this year’s DIFC FinTech Hive Accelerator programme have been very unique and mature. The participants have developed technologies which will help shape the future of finance and are worthy of investment.
“This year’s cohort has worked relentlessly with our partners to ensure they are ready to be connected with investors and industry experts at the Investor Day. We would like to congratulate the start-ups on successfully completing the programme and look forward to helping them grow further from DIFC.”
This year’s event partners include Abu Dhabi Islamic Bank, Dubai Islamic Economy Development Centre, Emirates Islamic Bank, Emirates NBD, HSBC, Mashreq, Standard Chartered Bank, Visa, and Wall Street Exchange, along with FinTech Hive’s secondary partners First Abu Dhabi Bank, Zurich and Etisalat.
The 17 innovative start-ups selected to participate at Investor Day 2020 are:
Harnessing the potential of advanced artificial intelligence to manage public market portfolios, its flagship algorithms replace human wealth management with an Artificial Intelligence solution customised to each user, taking into account their financial and personal goals and constraints.
Asante Financial Services Group, Kenya
Asante is a high-impact digital financial services firm that focuses on facilitating financial independence for underserved businesses and individuals.
A B2B Regulatory Technology (RegTech) start-up focused on KYC/KYB & AML to automate manual processes and digitise analogue records.
DX Compliance, Ireland
DX Compliance protects banks and FinTechs from multi-billion dollar fines by changing the way that AML teams work.
FirstHive Tech Corporation, USA
FirstHive is an intelligent customer data platform powered by a hybrid Machine Learning algorithm that builds unique customer identities, by ingesting data from all sources and channels, and layers it with actionable campaigns to deliver disproportionate jumps in Marketing ROI.
Fligoo develops smarter-than-smart managed solutions that help global leaders transform their business by dramatically improving sales, reducing churn, and optimising processes with their proprietary Artificial Intelligence and Decision Science platform.
FOMO Pay, Singapore
FOMO Pay is a digital payment processing platform and digital banking solution provider the enables digital transformation for banks, telecoms and corporations in emerging markets such as Southeast Asia, Middle East, Latin America and Africa.
Inpher is a start-up that has pioneered Secret Computing, enabling privacy-preserving machine learning. Their XOR Engine allows for distributed, discrete computing without loss of precision or privacy.
Nester is an online FinTech platform that offers bespoke property financing solutions for buyers of UK property and then converts those financing arrangements into a simple secured investment for all.
OkHi is a digital addressing system for emerging markets. Their mission is to enable the four billion people without a physical address to be included in accessing the services they need.
Receet issues contactless digital receipts pushed instantly to consumers’ smartphones with no email address or phone number required.
Reem Takaful, UAE
Reem Takaful enables halal, ethical and inclusive risk coverage for farmers who are exposed to the perils of crop and livelihood losses due to climate change and other external factors.
Saffe is a world-class facial recognition provider based in Artificial Intelligence and focuses on payments and secure authentications.
Tarabut Gateway, Bahrain
Tarabut Gateway is MENA's first and largest regulated Open Banking platform that connects a regional network of banks and FinTechs via a universal application programming interface (API).
Trust Stamp, USA
Trust Stamp facilitates the fundamental right of every human being to have and assert a unique identity, thereby enabling secure transactions and interactions anywhere on the planet, both online and offline, promoting and empowering universal societal and financial inclusion.
Vouchr's experience platform for digital money transforms a dull transaction into a personalised, and gamified experience that creates deeper customer loyalty. Their platform layers on top of existing payment rails allowing for new use cases that drive mobile engagement.
Xpanse AI, Ireland
Xpanse provides a range of strategic, cutting-edge technologies and services that enable organisations to rapidly implement as well as scale their Advanced Analytics initiatives.
DIFC is now home to more than 240 FinTech related firms. They represent over 50 per cent of all FinTech entities in the GCC and will help DIFC achieve its vision to shape the future of finance. DIFC FinTech Hive is part of the DIFC Innovation Hub, the only environment in the region that brings together all parts of the innovation ecosystem. The DIFC Innovation Hub includes education, mentoring, FinTech incubator and accelerator programmes, access to funding opportunities and is part of the largest, deepest and broadest financial ecosystem in the Middle East, Africa and South Asia.
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of USD 7.7 trillion.
With a 16-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of more than 25,000 professionals working across over 2,500 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance. Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC.
For media enquiries, please contact:
Dubai International Financial Centre Authority
Manager, Media Communications
Tel: +971 4 362 2454
© Press Release 2020