Startupbootcamp has launched a FinTech Accelerator program in Dubai to support the city in its bid to become a world leader in financial services innovation and technology.
Over the next three years - in partnership with Dubai International Financial Centre (DIFC), Visa and HSBC - Startupbootcamp will accelerate 40 startups working in a range of fields impacting financial services innovation, such as artificial and machine intelligence, distributed ledger technologies and digital banking.
The program will be open to startups from the MENA region as well as from around the world.
Startups will be taken through a focused three-month growth program located in FinTech Hive at DIFC to address all critical areas of their business and prepare operations for future scaling. Partners and mentors of the program will provide access to resources, insights, technology and expertise.
The program will also provide support from Startupbootcamp’s global network of entrepreneurs, investors and industry corporations, free co-working space, €15,000 to cover living expenses and over €450,000 worth of partner deals.
Startupbootcamp previously launched its Smart Cities accelerator program in 2017 with Dubai Silicon Oasis, du, Visa, Dubai Chamber, Rochester Institute of Technology Dubai, Smart Dubai and Orange Business Services.
Raja Al Mazrouei, executive vice president for the FinTech Hive at DIFC, said: “The partnership will contribute significantly to developing the regional FinTech and venture capital ecosystem, and promoting entrepreneurship in line with the UAE 2021 Vision.”
HSBC’s chief investment officer for Middle East, North Africa and Turkey, Ghinwa Baradhi, commented, “We look forward to helping FinTech startups shape their products at scale and expand their markets, while providing more established entrepreneurs with strategic guidance on market opportunities and trends.”
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