DIFC FinTech Hive Launches New Cycle Of Accelerators Programme

The DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, has announced it is now accepting applications for the third cycle of its accelerator programme.

The third cycle will kick off in September, welcoming select FinTech start-ups to an intensive three-month programme, which will include guidance and mentorship from 21 partners, comprising financial institutions, insurance firms and strategic partners.

The start-ups will be presented with the opportunity to engage with executives from their respective fields at an early stage of their development and will be given the chance to advance and test innovative technologies.

During a launch event, there was significant interest in FinTech technologies that address credit scoring, customer acquisition and onboarding, as well as cyber security and data analytics.

Raja Al Mazrouei, executive vice president of DIFC FinTech Hive, said: "We are excited to begin accepting and reviewing applications for the third cycle of the programme. FinTech Hive plays a crucial role in DIFC’s efforts to shape the future of the regional financial landscape.

"This year, we have continued to work closely with our programme partners to identify the challenges from the very beginning and benefit from their insights at an early stage. These valuable insights help our finalists develop technological solutions that are relevant and impactful in today’s financial world."

FinTech start-ups this year will receive mentorship from partners including Finablr, Standard Chartered, Visa, National Bank of Fujairah, Emirates Islamic, Emirates NBD, Noor Bank, HSBC, Riyad Bank, Abu Dhabi Islamic Bank, Arab Bank and First Abu Dhabi Bank.

Last year’s edition saw over 80 mentorship pairings established between executives from leading financial organisations and programme start-ups.

In addition, the accelerator initiated 20 proof of concepts, of which four were executed during the 12-week programme.

DIFC also announced a further AED10 million commitment towards the expansion of the FinTech Hive workspace.