Global appeal for Dubai's first FinTech accelerator

FinTech Hive at DIFC receives over 100 applications from more than 32 countries for inaugural programme
Global appeal for Dubai's first FinTech accelerator
By Staff writer
Tue 30 May 2017 02:14 PM

FinTech Hive at DIFC, the region’s first FinTech accelerator launched by Dubai International Financial Centre earlier this year, has received over 100 applications from more than 32 countries for its inaugural programme.

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

The accelerator programme, launched in partnership with Accenture, brings together the next generation of technology leaders and entrepreneurs to address the needs of the region’s financial services industry.

The statement said an intensive evaluation and shortlisting process will now begin.

The top applicants will be shortlisted and interviewed. Up to 10 finalists will be selected on July 11 while the programme will formally begin on August 21.

Following 12 weeks of mentorship and co-working sessions with leading local and international financial institutions, successful applicants will get to present their work in the form of a demo day among potential investors.

Raja Al Mazrouei, acting executive vice president of FinTech Hive at DIFC, said: “We are delighted that Fintech Hive at DIFC has attracted applications from startups in the UAE and across the world. With more than $23.2 billion invested in global FinTech deals in 2016, the programme is filling a considerable gap in the market.

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

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