The FinTech Hive program, which is being run in partnership with Accenture, features a twice the number of participants as last year, with 22 startups selected from over 300 applications.
Half of the selected finalists are focused on pure FinTech, while the other half include InsurTech, RegTech and Islamic FinTech companies.
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.
“The extraordinary quality and overwhelming quantity of proposals we received this year is testament to the growing interest in FinTech Hive and the industry’s trust in its collaborative platform. As the region’s FinTech industry continues to provide unique solutions that address the evolving needs, we are committed to providing the FinTech space with invaluable access to, and feedback from, an international network of strategic partners and well-established financial institutions looking for innovative solutions to their everyday challenges,” said Raja Al Mazrouei, Executive Vice President of FinTech Hive at DIFC.