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UAE: DIFC teams up with Accenture to unveil region's first FinTech accelerator

Source: Middle East Insurance Review | Feb 2017

The DIFC, in collaboration with Accenture, has launched the region’s first FinTech accelerator, a 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 (MEASA) markets, in line with Dubai Plan 2021 and the DIFC 2024 Strategy.
 
   Set to launch in the first quarter of 2017, the new initiative will also seek to increase access to the financial services sector, as well as improve customer experience and drive operational efficiencies.
 
   The global FinTech sector has attracted more than US$50 billion in investment since 2010, but currently the MENA region only attract around 1% 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.
 
   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 Shariah-based services.
 
   Mr Arif Amiri, CEO 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.” 
 
   Mr 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.”
 
   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. 
 
   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. 
 
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