2 UAE firms among DIFC’s 11 start-ups

dubai – The Dubai International Financial Centre (DIFC) on Monday announced 11 finalists as part of its inaugural FinTech Hive accelerator programme which features two UAE companies and nine from other parts of the world.

Among the short-listed financial technology start-ups include UAE-based Birdg which introduced a custom-built communication technology that allows smart phones to send and receive money while offline. The second start-up Sarwa is the firsthybrid automated investment platform which makes investing simpler with a personalised, lowcost and diversified portfolio.

Arif Amiri, chief executive officer of DIFC, says FinTech Hive really shapes the innovation side of the industry when it comes to financial world.

“I think the amount of interest that we saw with the number of applications from 32 countries, we are set to really pace forward with fintech industry in the region. Number of solution, the level of promise that we have today sets the right kind of tone for our ambitions to nurture fintech industry for Dubai and the region,” he said, adding that “from global perspective the region is able to pull one per cent investment through fintech into this region. We feel great about this accelerator programme becoming a major FDI puller into the region.”

Funding needs of start-ups

Moussa Beidas, Founder of Bridg, says the UAE market is very strong and springboard to other markets around the world. For the UAE, the company’s is targeting cash on delivery which is $5 billion market and second is SMEs who need to process transactions immediately – not in a week time or when the bank is ready to do so. — waheedabbas@khaleejtimes.com