FinTech Hive Receives Over 100 Applications
FinTech Hive at DIFC, that was launched earlier this year, received over 100 applications from more than 32 countries for its inaugural program. Launched in partnership with Accenture, the accelerator program brings together the next generation of technology leaders and entrepreneurs to address the needs of the region’s financial services industry.
The majority of applications have come from the UAE, the UK, the US, India, Nigeria, and Singapore, and cover a range of concepts - big data and analytics, the blockchain, payments, P2P and crowdfunding, roboadvisors, and mobility.
An intensive evaluation and shortlisting process will now commence. DIFC, Accenture, and partnering financial institutions will assess the applications, based on whether the proposed innovation is unique, fills a gap in the market, and meets industry needs. Further to shortlisting and interviewing the top applicants 10 finalists will be announced on the 11th of July 2017.
The program will officially begin on the 21st of August 2017. It includes 12 weeks of mentorship and co-working sessions with leading local and international financial institutions, successful applicants will get to present their work in the form of a demo day among potential investors.
Shortlisted applicants will have the opportunity to be mentored by leading executives from Citi, Emirates NBD, Emirates Islamic, HSBC, Mashreq, RAKBANK, Standard Chartered, and Visa, as well as senior representatives from DIFC Authority and Accenture. Technology mentorship will also be available from Facebook and Envestnet | Yodlee. In addition, the finalists will be able to move around Dubai with ease, with Careem, the region’s leading app-based car booking service, participating as a transportation partner.