In a year, from 2019-2020, this year, there have been record 620 start-ups that have applied for DIFC FinTech Hive accelerator programme, which is thus, surged up from 425 start-up applications received previous year, which in turn means 195 new companies have been added to the fold.
The application process is a very stringent and competitive one, wherein, the selected trades will be participating in a 14-week curriculum, that delivers opportunity for the seed and pre-seed start-ups to expand in the MEASA region.
During the programme, successful start-ups desire develops, test then regulate their products between assistance together with top executives beyond greater than 30 ecosystem companions such namely Middle East Venture Partners (MEVP), Wamda, Global Ventures, IBM, Microsoft, Amazon, BSA Ahmad Bin Hezeem & Associates, Clifford Chance, Grant Thornton, PwC and more.
Thirty percent concerning the services were beside UAE primarily based firms, while Forty-six percent got here out of the wider MENA location and 24 percent were received beside world firms. Indian fintech companies have been properly represented, accounting because of 17 percent regarding applications. India has grown to be a fundamental want because of fintech improvement by way of cost yet investment.
Specialisms consist of fintech, InsurTech, RegTech and Islamic FinTech. Key applied sciences inside the submissions include contactless payments, digital identification, corporate solutions including exchequer management, credit-underwriting automation, statistics management and analytics, in accordance after a statement beyond DIFC.
Almost two-thirds over functions had been from start-ups between the pre-seed stage, while almost some third (29 percent) had been seed stage.
“The document wide variety of functions because the fourth band concerning DIFC FinTech Hive demonstrates the deep about talent, excellence about standards and the business grayness so is present in the UAE yet regionally,” spoke of Raja Al Mazrouei, executive Vice President over DIFC FinTech Hive.
“Our enabling infrastructure, fit-for-purpose-regulation, subsidised licensing and get admission to according to some regarding the world’s pioneering pecuniary institutions are amongst the motives in which start-ups look to DIFC because growth.” Since the begin regarding DIFC FinTech Hive within January 2017, the wedge has adult to grow to be a predominant centre concerning FinTech innovation in the region. The forward partly about 2020 saw DIFC FinTech Hive triple in volume along the beginning about a larger house in Gate Avenue assisting start-ups, scale-ups or entrepreneurs.
