UAE: FinTech Hive picks 22 startups for accelerator
Source: Middle East Insurance Review | Oct 2018
Dubai-based FinTech Hive, a top fintech accelerator, has launched the 2018 edition of its accelerator programme in partnership with Accenture. Out of the 300 applications, 22 finalists have been selected.
The 2018 edition of FinTech Hive also features a larger pool of startups, which doubled to 22 this year, along with a broader scope that covers FinTech, InsurTech, RegTech and Islamic FinTech. Out of the 300 applications received, 50% were for FinTech solutions, while the remaining 50% were divided among InsurTech (20%), Islamic FinTech (15%) and RegTech (15%).
The accelerator programme consists of a 12-week curriculum in which a group of selected finalists work closely with financial institutions and other stakeholders to create innovative and forward-looking solutions that aim to address the evolving needs of the region’s financial services industry.
Applicants were evaluated by the programme’s 21 partners. The partners assessed the applications through a set of criteria, including business proposition viability, applicability of technology to the region, potential to benefit from the programme mentorship and the entrepreneurs behind the companies, followed by extensive one-on-one interviews.
In the first phase of the 12-week programme, finalists will present their technology offerings to FinTech Hive’s partners, obtain preliminary feedback and discuss potential mentorship opportunities.
The subsequent phase will revolve around engagement and mentorship between the finalists and partners, while gearing up for their pitch preparations for Investor Day, set to conclude the programme by the end of November. M