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UAE: DIFC's FinTech ecosystem continues to grow with 5 new start-ups

Source: Middle East Insurance Review | May 2018

The DIFC has recently welcomed five new start-ups and SMEs to its growing FinTech community, including Virtual i, the region’s first InsurTech firm and Regulation Technology Solutions, DIFC’s first RegTech firms.
 
   Virtual i specialises in offering technology-enabled risk and claims assessment services to the insurance industry by automating the process of data collection and analysis and the production of assessment reports. During the Dubai World Insurance Congress, which took place this February, Virtual i received ‘The Next Generation in InsurTech’ award out of five start-ups that pitched their business concepts to an independent panel.
 
   “The FinTech sector in the MEASA region, and the UAE in particular, continues to gain momentum, supported by increasing need for more efficient and accessible financial solutions. At DIFC, we believe we have the right infrastructure and integrated ecosystem that allow us to back this trend, especially by working closely with our financial community, which is the largest in the MEASA region,” said Ms Raja Al Mazrouei, executive vice president of FinTech Hive at DIFC.
 
   “We are excited about 2018 as we have already started working on the new cycle of FinTech Hive at DIFC, bringing both InsurTech and RegTech at the forefront of the programme’s agenda,” she added.
 
Important developments
To support its growing FinTech ecosystem, DIFC has launched a dedicated commercial license, specifically developed for FinTech, RegTech and InsurTech firms, allowing them to operate within the Centre. This cost-effective scheme allows budding start-ups from the FinTech sector to benefit from the Centre’s infrastructure and ecosystem at feasible rates.
 
   DIFC also unveiled its FinTech WorkHub, an interactive and collaborative workspace that provides FinTech firms, venture capital funds and other first-time regional start-ups with excellent state-of-the-art facilities and services at feasible fees.
 
   In parallel, DIFC continues to bring world-class courses to its advanced facility, The Academy, with the aim of bringing emerging themes and trends, such as FinTech and blockchain, closer to the minds of the financial services community. Earlier this year, the Centre partnered with Financial Times | IE Business School Corporate Learning Alliance, to hold a course on the impact of new technologies, such as AI and machine learning, on how the financial services industry operates.
 
   In May 2018, DIFC is introducing Berkeley Blockchain Academy, which is designed to train business leaders in blockchain technology and its many business applications.
 
   DIFC is also increasing its commitment to FinTech in 2018 with the launch of two new Fintech Hive programmes, focusing on RegTech and InsurTech. The InsurTech programme will focus on start-ups that specialise in finding technological solutions for insurers, while the RegTech programme will focus on companies specialised in issues pertaining to regulation. M 
 
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