DIFC Fintech Hive launches its 2019 program and Fintech report

DIFC has announced that it has opened its doors since February and is calling on startups to join its 2019 accelerator program. Startups eligible to participate include those working in area of fintech, Insurtech, regtech or Islamic Finance.

The program lasts 12 weeks. During this time, startups can test and develop their solutions as well as pitch their solution to financial institutions, insurers from UAE, KSA and Jordan.

Startups can also benefit by being included in fast tack application to be part of regulatory sandbox for Innovation testing license.

Startups wishing to participate have to have a minimum viable product and demonstrate impact on the industries they are targeting.

Applications will close on June 10th 2019 and finalists will be selected on July 15^th

Just last week DIFC published a report under the title, “A Roadmap for FinTech Firms Entering the Fast-Growing Emerging Markets’ report” in collaboration with Lendlt leading Fintech event organizer. The report provides guidance for Fintech firms looking to capitalize on growth in the MENA region.

According to the whitepaper, the number of FinTech companies in MEA is expected to reach 1,845 by 2022, almost quadrupling since 2015, when the figure stood at 559. The two main drivers of this growth are the huge market potential, fuelled by its large unbanked population and high smartphone-adoption rates, and the strong ecosystem support, represented by the development of digital infrastructure and government initiatives for financial inclusion.

The most active FinTech segments in MEA are payments/remittances, digital banking, online lending, crowdfunding, InsurTech, blockchain/crypto, RegTech, artificial intelligence and analytics.