FinTech Hive in DIFC has begun taking applications for its 2018 programme, beginning a search for the top fintech and insurance technology innovators in the region.
The FinTech Hive – which was launched last year by DIFC in partnership with professional services company Accenture – is the first and largest fintech accelerator in the Middle East, Africa and South Asia.
The 2018 edition of the Hive’s accelerator programme has expanded its scope to include ‘insurtech’ as well as Islamic finance and regulatory technology (‘regtech’) solutions.
New insurance partners of the 2018 programme include AIG, Takaful Emarat and Zurich Insurance Company Ltd, while new financial institution partners include First Abu Dhabi Bank, Arab Bank and Noor Bank.
Returning partners include Abu Dhabi Islamic Bank, Citi, Emirates Islamic, Emirates NBD, HSBC, Mashreq, Standard Chartered, UAE Exchange and Visa.
The participating financial institutions and insurance companies will work together to ideate and partner with startups in a 12-week mentorship and networking programme.
“As fintech continues to be a game-changer for the financial services industry, nurturing innovative talent is a fundamental priority because of the immense benefits it brings to the economy and society,” said Raja Al Mazrouei, the executive vice president of the FinTech Hive at DIFC.
“By connecting innovators in financial services technology with the banks, financial institutions and service providers, we are providing a world-class platform to develop solutions that meet the specific needs of, and address the challenges faced in, the region.”
The initial selection of programme participants will be based on maturity, life stage, market traction and financing profiles. Applicants will need to have a well-defined prototype or service implemented in at least one market and be looking to expand into the region.
The programme will begin on September 4 and will end at an ‘Investor Day’ conference later in the year, when 10 participants will present their solutions to an audience of venture capitalists ad financial industry executives.
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