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Dubai International Financial Centre launches 'FinTech Hive'

First Published 11th January 2017

Dubai International Financial Centre and Accenture have announced the region's first FinTech accelerator in Dubai.

Dubai, United Arab Emirates - Set to launch in the first quarter of 2017, FinTech Hive at DIFC, will bring financial services technology to MEASA markets, while providing a platform that brings financial and technology firms together to improve customer experience and drive operational efficiencies in the financial services sector.

The global FinTech sector has attracted more than $50 billion in investment since 2010, but currently the MENA region only attracts around 1 percent of that. The DIFC Accelerator intends to bridge the gap by creating a platform that identifies technology entrepreneurs and companies through a competitive process and then offering them the opportunity to develop, test and modify their innovations in collaboration with top executives from DIFC and regional financial institutions.

FinTech Hive at DIFC will start with a 12 week 'accelerator programme'. It intends to catalyse the growth and efficiency in a variety of areas including trade finance, alternative finance such as P2P payments, and Sharia based services.

Emirates NBD and Mashreq will be the first local financial institutions to join the accelerator programme, while HSBC and VISA are the first international financial services providers.