DIFC, Accenture Unite To Launch Dubai-Based Fintech Accelerator

Josh O'Neill

10 January 2017

The Dubai International Financial Centre has joined forces with Accenture to launch a so-called financial technology accelerator in Dubai, the first of its kind in the region, according to the DIFC.

Scheduled to launch in the first quarter of 2017, FinTech Hive at the DIFC will bring cutting-edge financial services technology to the Middle East, Africa and South Asia regional markets, while providing a platform that united financial and technology firms, the DIFC said in a statement. The primary aim of the Hive is to improve customer experience and drive operational efficiencies within the financial services industry.

Since 2010, the global fintech sector has attracted more than $50 billion in investment, but the Middle East and North Africa currently only accounts for around 1 per cent of that figure, according to the DIFC. The firm's fintech accelerator intends to bridge the gap by creating a platform that drives innovation and showcases success by identifying leading technology entrepreneurs and companies, allowing them to develop, test and modify their products and services in collaboration with executives from the DIFC and regional financial institutions.

Accenture was chosen as the partner for the project “because of its experience and expertise in building and running fintech innovation labs in London, New York and Hong Kong,” said the DIFC. This news service recently conducted an interview with Accenture's Kendra Thompson on the topic of blockchain and its potential uses within the wealth management industry.

“DIFC is uniquely positioned to become the regional hub for fintech. By putting together local banks and fintech firms to ideate, collaborate and partner, DIFC is helping both sectors be at the forefront of the financial services industry. The accelerator programme will identify the best entrepreneurs within the financial services industry and grant them invaluable access to and feedback from potential customers and funders,” said Sushil Saluja, Accenture's senior managing director for financial services in the company's Europe, Africa, Middle East and Latin American division.