Financial giants sign up to join new Dubai fintech centre

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Five of the world’s best-known financial companies have agreed to join a new technology hub, FinTech Hive, housed at the Dubai International Financial Centre (DIFC)

The new fintech centre based at DIFC headquarters in Dubai’s Central Business District is set to launch before the end of this quarter.

Accenture, which runs similar fintech innovation labs in New York, London, and Hong Kong; and has been tasked with setting up and operating the accelerator, has revealed, via banking technology website Banking Tech, that the technology centre is on track to open within the next two months.

Aimed at providing better financial services technology to the Middle Eastern, African, and South Asian regions (MEASA), the FinTech Hive will offer a 12-week accelerator-programme and is the first of its kind in the region.

Emirates NBD, Mashreq Bank, HSBC and Visa are to be the first financial organisations to join FinTech Hive, according to the report.

Sushil Saluja, senior managing director of financial services in Europe, Africa and Latin America at Accenture, said that the accelerator programme “will identify the best entrepreneurs within the financial services industry and grant them invaluable access to, and feedback from, potential customers and funders”.