20 innovative tech solutions emerge from second FinTech Hive
FinTech Hive at DIFC has held its Investor Day, to mark the completion of the the 2018 edition of its accelerator program, launched in collaboration with Accenture. This year’s program saw the participation double in terms of the number of start-ups in the program that rose to 22 from 11 in 2017. The start-ups’ focus areas ranged from blockchain solutions to artificial intelligence, all within the realm of FinTech, InsurTech, RegTech and Islamic FinTech.
The startups, plus the winner of the Accenture Innovation Awards from GITEX Future Stars, presented their solutions to over 350 investors, partners and representatives from government entities at the Investor Day. The event was also attended by His Excellency Essa Kazim, Governor of DIFC.
In addition, the 2018 cohort has resulted in 20 proof of concepts (POCs), of which four were executed during the course of the program. DIFC has announced a further AED 10 million ($2.7m) commitment towards the expansion of the FinTech Hive workspace, further enhancing the collaborative enabling environment available to start-ups and entrepreneurs within the Centre.
Arif Amiri, Chief Executive Officer of DIFC Authority, said: “DIFC tripled its commitment to FinTech in 2018, and we have delivered on this promise by broadening our scope, bringing new partners on board and introducing dedicated streams for InsurTech, RegTech and Islamic FinTech. We have also secured support from regional and global investors who are looking to capitalize on the next big solution that will transform the financial services sector, with participants in last year’s cohort already having raised over US$ 16 million in capital. The innovative and diverse pool of start-ups taking part in FinTech Hive this year is illustrative of the growth and success we are seeing in the sector as industry leaders realize the potential of this technology.”
“We are glad to see yet another successful Investor Day event this year,” said Sushil Saluja, a senior managing director at Accenture who leads its Financial Services practice in Europe, Africa, the Middle East and Latin America. “The supportive stance of government entities in the region such as DIFC has fuelled a thriving FinTech ecosystem conducive to FinTech development and growth, which led to key industry executives being impressed with the solutions presented by the finalists. We are confident that Fintech Hive at DIFC will bring endless opportunities and facilitate the surging demand for FinTech solutions across the Middle East, Africa and South Asia region.”
The 12-week program saw over 80 mentorship pairings established between executives from leading financial organisations and entrepreneurs.