DUBAI: Dubai International Financial Centre (DIFC) has signed a memorandum of understanding (MoU) with professional services company Accenture, to develop Financial Technology (fintech).
Under the MoU, Fintech Hive at DIFC will collaborate with Accenture’s Fintech Innovation Labs in New York, London and Hong Kong, to share resources and knowledge on the latest research and trends in financial technology.
In line with DIFC’s Growth Strategy 2024 and Dubai Vision 2021, Fintech Hive at DIFC aims to fill a void in the market by giving financial companies access to state-of-the art technologies to support their digital transformation.
“What sets us apart is our ability to harness the assets to grow fintech locally that will ultimately create more jobs, attract investments and support the economy as a whole,” said Arif Amiri, chief executive officer of DIFC Authority.
The Fintech Innovation Labs are annual 12-week accelerator programmes that bring together early-stage financial technology companies and the world’s leading financial institutions. Globally, the Labs’ alumni companies have raised more than US$1.07 billion in venture financing after participating in the programmes.
“In today’s hyper-connected world, this type of alliance is critical for maximising talent development and innovation. With surging demand for fintech solutions and Dubai’s increasing presence on the global financial scene, we are confident that this international collaboration will generate incredible opportunities for the region,” said Sushil Saluja, a senior managing director in Accenture’s Financial Services practice.
DIFC has recently announced that the 2018 programme, which is opening for applications in May, will be expanded to include insurance, Islamic finance, and regulatory technology services. First Abu Dhabi Bank, Arab Bank and Noor Bank will join the programme this year, with returning financial institutions to include Abu Dhabi Islamic Bank, Citigroup, Emirates Islamic, Emirates NBD, HSBC, Mashreq, Standard Chartered, UAE Exchange, and Visa.