Dubai’s fintech project attracts 100 applications from 32 countries

The Fintech Hive at the Dubai International Financial Centre (DIFC), launched earlier this year, has already received more than 100 applications from more than 32 countries for its inaugural programme.

The majority of applications have come from the UAE, UK, US, India, Nigeria and Singapore, and cover a range of concepts including big data and analytics, blockchain, payments, P2P and crowdfunding, roboadvisors, and mobility, the DIFC said in a statement.

The accelerator programme, launched in partnership with Accenture, aims to bring together “the next generation of technology leaders and entrepreneurs” to help drive innovation within the region’s financial services industry, the DIFC said.

The evaluation and shortlisting process will start immediately with DIFC, Accenture, and partnering financial institutions assessing the applications based on whether the proposed innovation is unique, fills a gap in the market and meets industry needs.

Applicants will be shortlisted and interviewed, from which up to 10 finalists will be selected on 11 July.  The programme then formally begins on 21 August.

‘Considerable gap’

Raja Al Mazrouei, acting executive vice president of FinTech Hive at DIFC, said: “With more than US$23.2bn invested in global FinTech deals in 2016, the programme is filling a considerable gap in the market by linking innovative tech thinkers to financial industry leaders in an ecosystem that accommodates the full supply chain.

“We are encouraged by the high calibre of applications, and we are confident that FinTech Hive at DIFC will accelerate innovation in the region and will put us on par with other FinTech hubs around the world.”

From the financial services industry, the successfully shortlisted applicants will have the opportunity to be mentored by executives from Citi, Emirates NBD, Emirates Islamic, HSBC, Mashreq, RAKBANK, Standard Chartered, and Visa, as well as senior representatives from DIFC Authority and Accenture.

Gary Robinson
Head of Video and Ezines at Open Door Media Publishing. Deputy Editor, International Investment. An experienced journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as a fully qualified IFA, Gary works across both International Investment and InvestmentEurope titles. Previous video production credits include projects on BBC, C4 and SKY.

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