African startups have been invited to apply for the Fintech Hive at the Dubai International Financial Centre, the first and largest financial technology accelerator in the Middle East, Africa, and South Asia region.
The programme that targets startups from Africa, the Middle East, and South Asia region has started receiving application starting May 20, kicking off a competitive search for the top financial technology (fintech) and insurance technology (insurtech) innovators in the region.
The FinTech Hive at DIFC was launched last year by the Dubai International Financial Centre (DIFC) in partnership with leading global professional services company Accenture with the 2018 edition of the accelerator programme expands its scope to include insurtech, as well as Islamic finance and regulatory technology (regtech) solutions.
“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, Executive Vice President of 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.”
Participating startups will be taken through a 12-week programme that will involve testing and developing their innovation in collaboration with senior executive leaders from renowned financial institutions.
“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. We are proud to support DIFC in creating an internationally renowned FinTech ecosystem that can cater to the unique challenges and opportunities of the region.” Said, Amr El Saadani, Managing Director of Accenture’s Financial Services practice in the Middle East and Turkey.
Interested applicants will need to be an early stage business with a well-defined prototype or service implemented in at least one market and be looking to expand into the region and the initial selection into the programme will be based on maturity, life stage, market traction and financing profiles.
This year’s programme will commence on Sept. 4 and culminate at an Investor Day later in the year, when up to 10 participants will present their solutions to an audience of venture capitalists and financial industry executives.
Application closes on June 24. Further Information about the programme and the application criteria can be found at fintechhive.difc.ae.