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DIFC set to grow its fintech base with new ‘Innovation Hub’

Startups benefit from access to industry experts, mentors and partner organisations

by David Ndichu

November 10, 2020

The Dubai International Financial Centre is set to attract more fintechs after the inauguration of its startup incubator, the DIFC Innovation Hub.

Fintechs looking to get financially regulated can make use of the Innovation Testing License (ITL) programme, a regulatory sandbox with a path to a full license, as well as DIFC’s broader Innovation License, a subsidised commercial license for non-regulated innovation companies.

Startups also benefit from access to networking and proximity to industry experts, mentor and partner organisations.

In addition to being considered by the DIFC FinTech Fund, venture capital (VC) firms from DIFC’s and the region’s broader ecosystem are using the DIFC Innovation Hub to identify businesses for future investment.

Read: FinTech firm Ripple chooses Dubai’s DIFC for regional headquarters

The UAE accounts for over 60 per cent of funds raised in the Middle East and North Africa for VC investment in 2020, validating the potential for DIFC based start-ups to access funding. DIFC has also enhanced its offering for VC firms which includes subsidised licensing and the launch of the leading VC framework that enables VC fund managers and funds to set up in weeks, with flexible regulatory requirements.

Businesses can leverage DIFC’s partner network and fintech bridges to expand into regional and international markets. Clients already part of the DIFC Innovation Hub include Adyen, Algante Technologies, Beehive, Cashew Payments, DigiSpark, Ebury, EdAid, Future Learning Lab, GlobaTech, Get Stake, Lean Tech, Post Pay, Startupbootcamp, Seez, Toboot Sales Force Experience Centre, Tabby, Xpense and ZG.com.

“The DIFC Innovation Hub is positioning DIFC as the leading next-generation financial hub, whilst providing security and stability,” said Arif Amiri, CEO of DIFC Authority.

The DIFC Innovation Hub is located in Gate Avenue at DIFC which has become popular with start-ups, tech companies as well as a vibrant portfolio of restaurants, retailers and homegrown brands.