Dubai International Financial Centre (DIFC) Fintech Hive has announced the introduction of their investment-focused accelerator program for startups and other small companies in the Middle East, Africa and South Asia (MEASA) regions. The Fintech Hive Scale Up program will provide partnership and investment opportunities for post-series A firms via this ecosystem.
The program is reportedly backed by Middle East Venture Partners (MEVP), Etisalat, DIFC Fintech Fund, Dubai Cultiv8, FALCOM Financial Services and NIcapital. These investment partners will be able to gain access to the region’s startup ecosystem and take advantage of steady growth and scale markets.
Raja Al Mazrouei, executive V, DIFC Fintech Hive, stated:
“We are delighted to have launched the ‘Fintech Hive Scale Up’ program to support the region’s growing Fintech community, and give them a strong platform to drive innovation in the MEASA region.”
The financial center announced, in December of last year, the signing of several important Memorandums of Understanding (MoU) with two major institutions, Lloyd’s and Chartered Insurance Institute (CII), in order to support the area’s insurance industry by improving operational efficiency. DIFC had said at that time that the partnership with the two organizations would support the development of talent within the domestic insurance and reinsurance sector.
DIFC is a multinational financial centre and a major financial hub for the MEASA regions, which includes 72 countries with a population of around 3 billion and a nominal GDP of roughly $ 7.7 trillion. The centre links these fast-growing sectors with the leading economies of Asia, Europe and the Americas.
In November 2019, London-headquartered Bankable revealed it was establishing a Middle Eastern hub in the DIFC to support and work with more than 2,000 licensed companies in the region.