The Dubai International Financial Centre (DIFC) has launched a new accelerator programme in Dubai for financial technology start-ups in collaboration with Accenture.
The new initiative, called FinTech Hive, will focus on providing mentorship to start-ups and entrepreneurs within the fintech space.
Speaking at the launch on Tuesday, officials confirmed that seven to 10 start-ups were expected to be inducted into the programme in the first year.
No specific funding amount was disclosed.
In its first stage, the programme will identify the main problems facing the industry, following which start-ups will be invited to pitch their products and services. The programme’s website will detail the application process.
A panel will go through the proposals, and the relevant startups will be selected. A demo day with the finalists is anticipated to take place by the end of the year.
The proposed concepts will be taken through a 12 week accelerator programme.
Eligibility conditions include that the company is not an established, public/listed or well-known technology business in financial services; that it has a minimum alpha or beta product to demonstrate; and that its senior team can commit to being based in Dubai throughout the 12-week programme.
The programme states that it also interested in growth stage companies that have a product being deployed outside financial services that are interested in entering this vertical.
FinTech Hive will be housed in a physical space in Dubai and the programme’s partners include Emirates NBD, HSBC, Mashreq and Visa.
The new initiative comes even as Dubai is pushing to support technology start-ups and partnerships through its Dhs1bn ($270m) Future Accelerators programme.
The scheme pairs government departments with innovative companies to find solutions to challenges of the 21st century and is headquartered in a 22,000-square-foot building.
Inside eight accelerators working in collaboration with government departments will focus on the education, health, infrastructure, transportation, security, energy and finance sectors.
Thirty companies from the 2,274 applicants have been selected to participate in the programme.