The Dubai International Financial Centre (DIFC), along with Accenture, has unveiled FinTech Hive, an accelerator program in Dubai for financial technology startups.
FinTech Hive will focus on providing mentorship to startups and entrepreneurs within the financial technology space. DIFC officials said seven to 10 startups are expected to be inducted into the program in the first year.
However, the firm did not disclose if there will be any financial investments or grants available for startups.
In its first phase, FinTech Hive will spot main problems facing the industry. Later, startups will be invited to pitch their products and services.
A committee will go through the proposals before selecting the startups for the program.
A demo day with the finalists is expected to take place by the end of 2017. The proposed concepts will be taken through a 12-week accelerator program.
The firms that apply to be selected should not be established, public/listed or well-known technology businesses in financial services They should have a minimum alpha or beta product to demonstrate.
The senior team would need to be based in Dubai throughout the 12-week program.
FinTech Hive will also invest in growth stage companies that have a product being deployed outside financial services that are interested in entering this vertical.
It will be housed in a physical space in Dubai, and the program’s partners include Emirates NBD, HSBC, Mashreq, and Visa.
The initiative comes even as Dubai is pushing to support technology startups and partnerships through its Dhs1 billion ($270 million) Future Accelerators program.
In September 2016, Dubai Future Accelerators program, the tech initiative run by Dubai Future Foundation and the Government of Dubai, shortlisted 30 firms out of 2,274 applications from 73 countries for its first round.