MENA FinTech Startups May Just Have the Ultimate Chance as FinTech Hive Opens Its 2018 Accelerator

Dubai's FinTech Hive at DIFC (short for Dubai International Financial Centre) is running its second accelerator programme, which has expanded to include insurance partners, and has announced a call on applicants starting May 20^th and ending on June 24^th. FinTech Hive at DIFC is the largest financial technology accelerator in the Middle East, Africa and South Asia region; in search for the top fintech and insurtech (insurance technology) innovators gearing up to disrupt the region. 

New insurance partners of the 2018 programme include AIG, Takaful Emarat and Zurich Insurance Company Ltd., who will join new financial institution partners First Abu Dhabi Bank, Arab Bank, and Noor Bank, along with returning partners 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 ideate, collaborate and partner with startups in a wide-ranging 12-week mentorship and networking programme. 

“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,” says Raja Al Mazrouei, the executive vice president of the FinTech Hive at DIFC. 

“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,” Al Mazrouei adds. Partnering with the Dubai Islamic Economy Development Centre (DIEDC), the programme will focus on reaching startups in Islamic finance hemisphere, an important pillar in this part of the world. 

FinTech Hive at DIFC has also featured the DIEDC as a strategic partner at their first accelerator programme last year, in further partnership with leading global professional services company Accenture. However, the 2018 edition of the accelerator programme expands its scope to include insurtech, Islamic finance and regulatory technology solutions.  

"In addition to offering international entrepreneurs a chance to apply lessons from around the world, FinTech Hive at DIFC opens opportunities for those who understand the regional challenges," says Amr El Saadani, managing director of Accenture’s Financial Services practice in the Middle East and Turkey. 

Photography courtesy of FinTech Hive at DIF.