On Tuesday, FinTech Hive, a fintech accelerator that was established by the Dubai International Financial Centre (DIFC), announced the 22 startups that were selected for its 2018 accelerator program.
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.
Fintech Hive saw over 300 applications from all around the world, of which 22 finalists were selected. 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%).
The partners assessed the applications through a set of criteria, including business proposition viability, applicability of 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. Applicants were evaluated by the programme’s 21 partners.
The program’s partners include the following:
- Strategic partners: Dubai Islamic Economy Development Centre (DIEDC)
- Principal Financial institution partners: Abu Dhabi Islamic Bank, Emirates Islamic, Emirates NBD, First Abu Dhabi Bank, HSBC, Noor Bank, Riyad Bank, Standard Chartered, UAE Exchange, and Visa
- Financial institution partners: Arab Bank, Citi, Mashreq, MasterCard, National Bank of Fujairah
- Insurance partners: ADNIC, AIG, Noor Takaful, Takaful Emarat Insurance PSC and Zurich Insurance
The finalists selected for the 2018 cycle of the FinTech Hive at DIFC accelerator programme are:
- Addenda(United Arab Emirates): End-to-end insurance settlement layer built on the blockchain using Hyperledger Fabric, allowing insurers to automate claims, cut overheads and identify fraud.
- Amani Technologies Ltd(United Arab Emirates): Fully-automated KYC and on-boarding tool that will transform the on-boarding processes, eliminate noncompliance and create a KYC audit and reporting trail, whilst improving customer experience and reducing costs.
- Amplified Payment System Ltd (Nigeria): Connects banks, telecommunication companies and businesses to their customers to drive adoption of digital financial services through messaging.
- bankbuddy.ai (India): Pre-built artificial Intelligence solutions for financial institutions with customer experience management, hyper-personalization, and operations automation.
- BetterTradeOff FinTech Solutions Ltd(United Arab Emirates): Life-planning solution powered by advanced statistical models and artificial intelligence to empower people to make optimum decisions when financing their dreams
- Blinking.id(Serbia): Blockchain-based digital identity and KYC solution offering GDPR compliance to business
- bondsmart (United Kingdom): Co-ownership bond platforms, helping financial institutions present fixed income in a simpler manner and their clients to invest bite-size amounts in institutional bonds.
- ebooc (United Arab Emirates): A multi-participant loyalty program operating on blockchain & NFC technology.
- Game Change Solutions (United Arab Emirates): Enterprise solutions for social banking, chat commerce and frontline productivity, enabling “Social banking” and “Social Selling” to allow banks to embed their brand and services such as payments, e-commerce into any social and messaging applications.
- Haseed (Saudi Arabia): Robo-advisor that combines proven wealth management advancements with the crucial infrastructure to enable Islamic investments and address the underserved GCC region.
- InsureVite(Singapore): Artificial Intelligence and blockchain-powered platform that merges multiple touchpoints into a single contact point and combines multiple administrative processes into sets of algorithmic modules embedded into a chatbot.
- iWealth (United Arab Emirates): Education platform integrated with a mobile app, digital wallet, and bank cards, focusing on increasing Finance Intelligence for teens and parents at home by teaching healthy money habits.
- Jaib (Jordan): Card-less and bank-less payment method that incorporates machine learning and consumer lending to provide the most seamless and secure means of transaction between retailers and emerging market customers.
- Jibrel (Switzerland): Smart contract development company on blockchain technology, leveraging the latest innovations in cryptography, distributed ledger and smart contract technology to build the financial networks of the future.
- Limitless (United Kingdom): A mobile application targeting millennials to help them start investing.
- Money Mall (United Arab Emirates): Financial coaching & personalised product recommendations, based on credit score, for everyone to achieve their financial goals and happiness
- PaySky (Egypt): Next-generation, multi-channel payment solutions empowering consumers and businesses to pay and get paid.
- Spare (Kuwait): Micro-savings application to improve customers’ spending habits and help them grow their savings.
- Turnkey IS Technologies LTD(United Arab Emirates): Specialised insurance consultancy services company, providing the insurance industry with innovative “IT as a service” products and solutions for the underwriting cycle.
- Verify Payments (Bahrain): Instant, low-cost bank transfers across the GCC
- Verismart(USA): Identity blockchain platform using artificial intelligence to automate KYC processes across digital platforms.
- Virtual i Technologies LLC (United Arab Emirates): Enables the insurance industry to move from good faith-based underwriting to data-based dynamic decision making.
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.
FinTech Hive’s alumni who choose to join DIFC’s thriving community will benefit from a world-class ecosystem that offers an Innovation Testing License (ITL) if needed, a FinTech license, an interactive and collaborative workspace, along with access to the largest financial community in the region.