DIFC’s global fintech stars of the future start financial services scheme
The Dubai International Financial Centre (DIFC) has selected the first 11 finalists for its ‘FinTech Hive’ start-up accelerator programme.
Future entrepreneurs looking to create financial services business solutions using new technologies are now decamped in the DIFC having travelled from across the globe.
Representatives from the US, Singapore, UK, Sweden, India, Azerbaijan, the United Arab Emirates and Jordan have been select in the keenly-contested project.
The scheme, announced, as reported, in a partnership with Accenture in January, will now begin with a 12-week curriculum allowing those selected to work with financial institutions and stakeholders to create their solutions for the financial services industry.
The winning applicant will see their business, although other participants may also be selected for funding based on their final project pitch.
DIFC said in a statement that the finalists, pictured above, were selected based on their “level of business maturity, potential to thrive at the accelerator and degree of fit” with the partnering financial institutions.
Raja Al Mazrouei, acting executive vice president of FinTech Hive at DIFC, said: “We received an overwhelming number of applications for the programme – a testament to the demand for such an initiative – and the quality of proposals was very impressive.
“I would like to thank all candidates for their efforts and strongly encourage them to continue to work hard towards progressing their fintech ideas.”
In the first phase of the programme, each finalist, that will be based at the recently launched ‘FinTech Hive’ centre in the DIFC, pictured left, will meet with executives from partners, including some of the world’s largest financial institutions.
These include Abu Dhabi Islamic Bank, Citi, Dubai Islamic Bank, Emirates Islamic, Emirates NBD, HSBC, Mashreq, Network International, RAKBANK, Standard Chartered and Visa to discuss industry challenges and solutions to address them.
They will also meet with representatives from Dubai Islamic Economy Development Centre (DIEDC) and UAE Exchange to provide preliminary feedback and discuss mentorship opportunities.
The second phase will see engagement with the partners and mentorship by the financial institutions and other partners specialising in technology, legal, Islamic finance and regulation.