Fintech Hive in partnership with Accenture has selected two African startups from Nigeria and Egypt to take part in its accelerator programme. Fintech Hive is the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region.
The two startups are Amplified Payment System (Nigeria) and PaySky (Egypt) and they will join 20 other fintech solutions from other parts of the world in Dubai.
The second edition received an overwhelming response of over 300 applications that were created from all around the world, of which 22 finalists were selected.
Applicants were evaluated by the programme’s 21 partners. The partners assessed the applications through a set of criteria, including business proposition viability, the applicability of the 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 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.
The 2018 edition of FinTech Hive will feature 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 amongst InsurTech (20%), Islamic FinTech (15%) and RegTech (15%). With its expanded remit, FinTech Hive continues to lead the region’s efforts in providing an enabling environment for innovative solutions to contribute to the development of the financial services industry, in line with Dubai Plan 2021 and DIFC’s 2024 Strategy.
The 2nd FinTech Hive Programme is officially live! Read more about the region’s largest and first-of-its-kind accelerator programme here: https://t.co/Y3040ZPIFp #FinTechHive pic.twitter.com/qYVFycXSa5
— DIFC Fintech Hive (@FinTechHiveDIFC) September 4, 2018
“The extraordinary quality and overwhelming quantity of proposals we received this year is a 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.
In the first phase of the 12-week programme, the finalists will present to executives from FinTech Hive’s partners to introduce their technology offerings, obtain preliminary feedback and discuss potential mentorship opportunities.
The subsequent phase will revolve around engagement and mentorship between the finalists and partners, whilst gearing up for their pitch preparations for Investor Day, set to conclude the programme by the end of November. On Investor Day, each start-up will promote its concept to a host of investors, bankers, government officials and members of the media. Senior executives from DIFC Authority and Accenture will also be available throughout the programme to provide clarity around business procedures and the regulatory framework in the Centre.
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