FEATURE
FINTECH HIVE
A fintech incubation hub for Africa
DIFC ’ s FinTech Hive is inviting early stage businesses for three month mentoring programme . By Arun Shankar
competitive process and offering them the opportunity to develop , test , modify innovations in collaboration with DIFC and regional financial institutions .
DIFC is a financial hub for Africa , Middle East , South Asia , and provides a platform connecting the region ’ s markets . Fintech startups invited to join the 3 month Fintech Hive programme , would be able to engage with DIFC ’ s 1,400 + members . The accelerator programme has also onboarded key partners including Citibank , Emirates NBD , HSBC , Mashreq , Standard Chartered , VISA , Envestnet Yodlee , Facebook for Developers , who would be available as mentors .
( Left to right ) Sushil Saluja , Managing Director Financial Services , Europe , Africa , Latin America at Accenture ; and Pinaki Aich , Vice President of Group Strategy at Dubai International Financial Centre Authority .
Fintech companies have different origins . They could be startups by technology entrepreneurs or financial services professionals who have a very good understanding of business and want to apply technology to strengthen business practices . Whatever may be their origins they have common and similar goals . And that is to apply technology to solve business problems and to change the way the world uses financial services in retail and corporate activities .
“ The fintechs that I have worked with are all seeking to either change the value chain , change the supply chain , change the business model , change the interaction model or the user experience ,” says Sushil Saluja , Managing Director Financial Services , Europe Africa Latin America at Accenture .
One of the reasons why fintech and startup investments are bypassing Africa is that investments follow GDP and GDP is skewed towards developed countries . But Africa is an opportunity for fintech businesses to serve the population as it moves from unbanked into the banking community , for African institutions wishing to integrate with the global economy , for businesses entering Africa for trading , and for foreign investment coming into the country .
The recent partnership announcement between Dubai International Financial Centre and Accenture to launch the region ’ s first fintech accelerator programme in Dubai is a step to correct the skewed investment into fintech startups across North Africa and Middle East . The programme intends to bridge the gap by identifying technology entrepreneurs through a
The Fintech Hive programme has received interest from 200 companies based on its problem-solving areas , which have been chosen from Big Data Analytics and Predictive Modelling , Wearables , Robo Advisors , Mobility , NFC , Biometrics , Blockchain , P2P and Crowdfunding , Cyber Security , Social Media and Collaboration , Infrastructure and Operational , Artificial Intelligence .
Startups or businesses in the early phases who have a solution to these problem areas , and who have applied for this accelerator programme would go through a selection process . The purpose of the selection process , is to identify those best suited to benefit the most from the 3-month onsite mentoring programme .
Explains Pinaki Aich , Vice President of Group Strategy at Dubai International Financial Centre Authority , the selected participants can benefit from the programme by saving costly financial license and setup fees , which they
20 INTELLIGENTCIO www . intelligentcio . com