Dubai-based FinTech Hive has announced the 22 FinTech startups selected for its next accelerator program, in partnership with Accenture.
This is the second cohort for the accelerator and received more than 300 applications from around the world. The program will last 12 weeks and will foster close work between the FinTechs, financial institutions and other stakeholders, to help build solutions to evolve the MEASEA region.
Of the 22 companies to make the new accelerator, nine of them are based in the United Arab Emirates. The remaining headquarter countries include, the UK, India, Nigeria, Bahrain, Egypt, Jordan, Kuwait, US, Switzerland, Saudi Arabia, Serbia, and Singapore.
The companies in the accelerator are: AI customer experience manager bankbudd.ai, social banking solution Game Change Solutions, messaging payment service Amplified Payment System, bank transfer company Verify Payments, payments processor PaySky, card-less and bank-less payment developer Jaib, micro-savings app Spare, personal finance educator iWealth, millennial investing app Limitless, financial consultant Money Mall, and KYC solution Verismart.
Blockchain loyalty program ebooc, co-ownership bond platform bondsmart, smart contract developer Jibrel, robo-advisor Haseed, KYC solution Blinking.id, automated KYC service Amani Technologies, insurance settlement platform Addenda, personal finance support enterprise BetterTradeOff FinTech Solutions, AI chatbot InsureVite, insurance consultancy Turnkey IS Technologies and underwriting solution Virtual i Technologies.
The new accelerator group is double the size of the firm’s maiden cohort which took place last year. Fintech Hive also looked to broaden its scope to cover more of FinTech, InsurTech, RegTech and Islamic FinTech.
Of the 300 applications, half of them were FinTech solutions, and 20 per cent were InsurTechs. The remaining 30 per cent of applications were split evenly between RegTech and Islamic FinTech companies.
The applicants were evaluated by the program’s 21 partners, which looked at the business proposition viability, applicability of technology to the region, potential to benefit from the program mentorship and its entrepreneurs.
The main strategic partner of the accelerator is the Dubai Islamic Economy Development Centre (DIEDC).
Other partners include: Abu Dhabi Islamic Bank, Emirates Islamic, Emirates NBD, First Abu Dhabi Bank, HSBC, Noor Bank, Riyad Bank, Standard Chartered, UAE Exchange, and Visa, Arab Bank, Citi, Mashreq, MasterCard, National Bank of Fujairah, ADNIC, AIG, Noor Takaful, Takaful Emarat Insurance PSC and Zurich Insurance.
FinTech Hive executive vice president Raja Al Mazrouei said, “As the region’s FinTech industry continues to provide unique solutions that address the evolving needs, we are committed to providing the FinTech space with invaluable access to, and feedback from, an international network of strategic partners and well-established financial institutions looking for innovative solutions to their everyday challenges.”
In the first stage of the accelerator, the companies will present their platforms to the program partners. They will then engage with the mentors to develop their offerings for the investor day at the end of the program.
FinTech Hive alumni which join DIFC’s community will gain an Innovation Testing License, a FinTech license, an interactive and collaborative workspace, along with access to the financial community.
Earlier in the year, the accelerator partnered with Accenture’s FinTech Innovation Labs to support its global presence. The cohort will be able to use Accenture to connect with those in New York, Hong Kong and London.
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