GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share

FinTech Hive at DIFC aligns with Dubai Plan 2021, empowering entrepreneurs to innovate and meet specific market needs

Accelerator is aimed at transforming DIFC into a global FinTech innovation hub linking the US, European and Middle East, African and South Asian markets

DUBAI, United Arab Emirates, 10 January 2017: Dubai International Financial Centre (DIFC), the financial hub for the Middle East, Africa and South Asia (MEASA) region, and Accenture, a leading global professional services company, today announced the region's first FinTech accelerator in Dubai.

Set to launch in the first quarter of 2017, FinTech Hive at DIFC, will bring cutting-edge financial services technology to the MEASA markets, while providing a platform that brings financial and technology firms together. Its goal is to increase access to, and 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 Middle East and North Africa only attract around 1 percent of that investment. The DIFC Accelerator intends to bridge the gap by creating a platform that drives innovation and showcases success - identifying leading 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.

Commenting on the launch of FinTech Hive at DIFC, His Excellency Essa Kazim, Governor of Dubai International Financial Centre and Chairman of DIFC Authority Board of Directors, said, “We are proud to be launching Fintech Hive at DIFC following the recent announcement of the world's first government accelerator programmes by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai. The UAE National Innovation Strategy and Dubai Plan 2021 steer us to be among the smartest cities in the world. With our founding Membership in the Global Blockchain Council and today's launch, DIFC is pioneering innovative developments in the MEASA's financial services sector, while taking our economies to new horizons.”

Sushil Saluja, Accenture's senior managing director for Financial Services in the company's Europe, Africa, Middle East and Latin America region, said, “DIFC is uniquely positioned to become the regional hub for FinTech. By putting together local banks and FinTech firms to ideate, collaborate and partner, DIFC is helping both sectors be at the forefront of the financial services industry. The accelerator programme will identify the best entrepreneurs within the financial services industry and grant them invaluable access to and feedback from potential customers and funders.”

Accenture was chosen to set up and operate the DIFC Accelerator because of its experience and expertise in building and running FinTech Innovation Labs in London, New York and Hong Kong. The Accelerator is further demonstration of DIFC's commitment to providing an internationally oriented FinTech ecosystem that meets the specific needs of the Middle East, Africa and South Asia, in line with Dubai Plan 2021 and the DIFC 2024 Strategy.

FinTech Hive at DIFC will start with a 12 week ‘accelerator programme', which will bring together the next generation of leaders and entrepreneurs to compete and address the growing needs of the region's financial services industry, using innovative technology solutions. 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.

Arif Amiri, Chief Executive Officer of DIFC Authority, said, “In 2004, DIFC led the development of global financial services by linking the top financial centres around the world to the region. The FinTech Hive at DIFC is a continuation of our vision to link, develop, and adapt top financial technologies to the region. DIFC is fast becoming a pivotal hub in the global economy, with over 1,500 firms and 21,000 employees – most of whom are exploring FinTech solutions to tap into the world's fastest growing economies. We are committed to providing a diverse and forward-thinking ecosystem to support FinTech innovation.”

Omar Boulos, regional managing director of Accenture in the Middle East and North Africa, said: “The digital era will define the region's future in terms of liquidity and growth. The FinTech market, with a global investment of $22.3 billion in 2015, has already begun revolutionising the banking industry by offering new ways of unlocking resources and capital, while driving efficiency and creating new partnerships. With 99% of consumers in the UAE using a mobile or smartphone, FinTech has the potential to make a real difference.”

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.


Posted by : GoDubai Editorial Team
Viewed 4435 times
Posted on : Tuesday, January 10, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story :
Next Story :
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Bourjois Healthy Mix
Prada Luna Rossa Carbon
Bourjois: Blow a Kiss for Mother's Day
Introducing NEW Olay Regenerist Microsculpting Cream SPF30
Elizabeth Arden: White Tea fragrance
Celebrate Life's Key Moments with Mouawad Jewelry
Elizabeth Arden: Eight Hour® Miracle Hydrating Mist
Gucci Eyewear Spring/Summer 2017
Browz's Lip Blush Treatment is Perfecting the Pout
IKEA Spreads Cheer on International Day of Happiness
Burberry Eyewear: His and Hers
Ulysse Nardin Jade “Grand Feu”
Lose the Back Pain at Work
Clearly Corrective Brightening and Smoothing Moisture Treatment
Doha Bank named ‘Best Trade Finance Bank' in Qatar at Global Finance Awards 2017
World's Best Family SUV – the All-New Land Rover Discovery Makes its Debut in th...
SAINT HONORE introduces the first watch made out of steel from the Eiffel Tower
Re - Salons and Spas celebrate Women's Wellness on International Women's Day
Malabar Gold & Diamonds receives ‘Best Jewellery Brand Award' from India Bullion...
Grand Optics Celebrates 20 Years in the Middle East
Sharjah Museums to Open Unique Photographic Exhibition of Muslim Communities in China
Bottega Verde Introduces The New Splendida Skin Care Line!
Hassan Al Qayedi, Afra Al Badi emerge champions in Fazza Championship for Shooti...
Etihad Airways Crowns Winner of ‘Taste the World' at Taste of Hong Kong
Customs World inks cooperation agreement with Dominican Customs
Versace Fall/Winter 2016-2017 Collection Preview
TKD Lingerie: Top 5 lingerie trends from the past five years
Art Jameel enters new phase of development
Siemens to help develop Qataris' tech skills
Ulysse Nardin: Classic Sonata combining classical beauty with pure functionality.
LG Steals the Spotlight With Record Number of 2017 if Design Awards
Treat your mom this Mother's Day with Huawei
QNET Celebrates World Water Day 2017 with HomePure
Malabar Gold & Diamonds' launched its 172nd showroom in Ballari, Karnataka, India
Introducing XperiaTM L1 - a stylish smartphone, with an impressive display and s...
Marks & Spencer Hot Cross Bun
Dubai Chamber concludes high-level trade mission to India
Etihad Airways to Launch A380 Flights to Paris
The UAE Goes Green for Ireland's National Day
New spa experience offers visitors to Beautyworld Middle East 2017 a memorable v...
INSIGHT a natural inspiration, essential choice and passion for hair
QNET Wins 2016 Sitecore Experience Award for Omnichannel Automation: Best E-comm...
Taste the best of the world at Lulu Hypermarket World Food Expo 2017
US Scholar to Address Feminism Under Islamic Law
Massimo Dutti Spring/Summer'17 Campaign – Summer Echoes
Doha Bank honoured with “Company of the Year Award” by Qatar University
Collaborates with Ministry of Interior to Support GCC Traffic Week
United Arab Emirates Ministry of Foreign Affairs and International Cooperation a...
ACTS bags quality control, geotechnical and testing works on Qatar stadiums
Celebrate the start of the spring with Lexus Select Event