DIFC teams up with accelerator network

Dubai International Financial Centre has partnered with the UK’s Startupbootcamp for the development of a FinTech venture capital ecosystem in the region, it said yesterday.

“To date we have invested in and accelerated more than 200 FinTech and [insurance technology] start-ups.

“We are now excited about expanding our global FinTech and [insurance technology] footprint to Dubai and look forward to collaborating with DIFC,” said Carsten Koelbek, chairman of Startupboot-camp. The partnership will look to set up multiple programmes for early-stage startups in the fields of FinTech, insurance technology and regulatory technology, the companies said.

Arabian Gulf financial centres in Dubai, Abu Dhabi as well as Bahrain have launched several FinTech programmes to attract venture capital and drive innovation in their economies.

Earlier this month, Abu Dhabi Global Market, the UAE capital’s financial free zone, concluded its third round of applications for its Regulatory Laboratory programme.

FinTech Hive at DIFC, a start-up accelerator in Dubai’s financial free zone, last month invited applications for its 2018 programme.

The programme was launched last year in partnership with Accenture, the New York-listed technology company, and is one of the first FinTech accelerators in the Middle East, Africa and South Asia region.

DIFC’s newly launched programme with Startupbootcamp will focus on “providing the necessary guidance and mentorship to support the qualifying early stage startups during their incubation period”, the parties said in a statement. They will also look to jointly “nurture” local and regional venture capital ecosystems.

“This collaboration will help stimulate the development of complementary products and services and promote the entrepreneurial surge in the UAE, which will attract more venture capital into the region,” the DIFC said.