GCC Enterprise Awards 2019

MEAMARKETS / 2019 GCC Enterprise Awards 17 UAE Sector Development Gets AHelping Hand and technology is delivering a blueprint for sustainable growth as we continue our journey towards driving the future of finance. DIFC’s emphasis on transforming its lifestyle offering, alongside strategic investments within technology and FinTech means we are confident about reinforcing our position as a leading global financial centre – a great place to live, work, play and do business.” The Centre received 425 applications from start-ups operating in the RegTech, Islamic FinTech, InsurTech and broader FinTech sectors, for the third cohort of its DIFC FinTech Hive accelerator programme, a 42 percent increase from the 2018 programme. This also marked a three-fold increase from its inaugural cycle in 2017, exemplifying the pace of evolution of this fast-growing industry, as well as the preference of Dubai and the DIFC as the home for FinTech firms looking to scale their business across the region. Approximately half of the applications received for the 2019 programme originated from the Middle East, Africa and South Asia. 33 start-ups have been selected following a series of interviews, conducted in consultation with DIFC FinTech Hive’s network of 21 participating partners, including Abu Dhabi Islamic Bank (ADIB), Emirates Islamic, Emirates NBD, Finablr, HSBC, National Bank of Fujairah, Noor Bank, Riyad Bank, Standard Chartered, and Visa, as well as the associate financial institution partners Arab Bank and First Abu Dhabi Bank (FAB). InsurTech start-ups will work closely with leading insurance players, AXA Gulf, Noor Takaful (Ethical Insurance), Zurich Insurance Company Ltd (DIFC), AIG, Insurance House, Cigna Insurance Middle East S.A.L. and MetLife, to help them develop game- changing solutions that address the growing requirements of the industry. In addition, this year’s finalists will be supported by strategic partner Dubai Islamic Economy Development Centre (DIEDC) and digital transformation partner Etisalat. Furthering the Centre’s commitment to supporting FinTech in the region, DIFC hosted the first Demo Day for the inaugural cycle of the Startupbootcamp programme in April 2019, alongside HSBC and Mashreq. The event showcased innovative concepts from ten graduates of the programme, consisting of entrepreneurs from the UAE, Singapore, United Kingdom, Greece, France, Thailand, Ghana, Morocco, Ukraine, and the Czech Republic. The Centre’s thriving FinTech community benefits from the strong relationships the DIFC has continued to build with key international accelerators through ongoing delegations and partnership agreements. The DIFC signed four MoUs during the first half