FinTech is booming in the MENA region
The Dubai International Financial Centre (DIFC) received 620 global, regional, and local applications for the FinTech accelerator ‘FinTech Hive’. Applications were submitted in a wide range of specialisations including FinTech, InsurTech, RegTech, and Islamic FinTech with technologies like contactless payments, digital identification, corporate solutions including treasury management, credit-underwriting automation, data management, and analytics. 46% of the applications were from the Middle East and North Africa (MENA) region, followed by 30% from the United Arab Emirates (UAE), and 24% from global firms. Selected participants will benefit from support, business guidance, and mentorship from more than 30 ecosystem partners, comprising data firms, funding partners, technology companies and strategic advisors, business associates, and community partners.
Moreover, FinTech start-ups from Egypt and Tunisia have been selected for Village Capital’s Finance Forward MENA accelerator, which offers five peer-selected companies a share of US$150 000 in funding from MetLife Foundation. The investment readiness programme offers five weeks of online and in-person training focused on improving their business models and making their financial health solutions available to those who need them the most in the current economic climate. Start-ups will work closely with mentors, potential clients, partners, and investors.