FinTech Hive, the first FinTech accelerator in the Middle East, Africa and South Asia (MEASA) region, has added a number of RegTechs to its 2018 programme.
The 2018 edition of FinTech Hive will feature a larger pool of startups, which doubled to 22 this year, along with a broader scope that covers FinTech, InsurTech, RegTech and Islamic FinTech. Out of the 300 applications received, 50% were for FinTech solutions, while the remaining 50% were divided amongst InsurTech (20%), Islamic FinTech (15%) and RegTech (15%).
In the RegTech space, FinTech Hive has welcomed identity blockchain platform Verismart, which uses AI to automate KYC processes across digital platforms, and Blinking.id, a Serbian company offering Blockchain-based digital identity and KYC solutions for GDPR compliance.
It has also bought in Amani Technologies, a fully-automated KYC and on-boarding tool that claims to eliminate noncompliance and creates a KYC audit and reporting trail.
Raja Al Mazrouei, executive vice president of FinTech Hive at DIFC, said: “The extraordinary quality and overwhelming quantity of proposals we received this year is testament to the growing interest in FinTech Hive and the industry’s trust in its collaborative platform.
“As the region’s FinTech industry continues to provide unique solutions that address the evolving needs, we are committed to providing the FinTech space with invaluable access to, and feedback from, an international network of strategic partners and well-established financial institutions looking for innovative solutions to their everyday challenges.”
In the first phase of the 12-week programme, the finalists will present to executives from FinTech Hive’s partners to introduce their technology offerings, obtain preliminary feedback and discuss potential mentorship opportunities. The subsequent phase will revolve around engagement and mentorship between the finalists and partners, whilst gearing up for their pitch preparations for Investor Day.
This year’s programme partners include: Dubai Islamic Economy Development Centre (DIEDC), Abu Dhabi Islamic Bank, Emirates Islamic, Emirates NBD, First Abu Dhabi Bank, HSBC, Noor Bank, Riyad Bank, Standard Chartered, UAE Exchange, Visa, Arab Bank, Citi, Mashreq, MasterCard, National Bank of Fujairah, ADNIC, AIG, Noor Takaful, Takaful Emarat Insurance PSC and Zurich Insurance.
The remaining 2018 roster includes:
Game Change Solutions (UAE) – Enterprise solutions for social banking, chat commerce and frontline productivity, enabling “Social banking” and “Social Selling” to allow banks to embed their brand and services such as payments, e-commerce into any social and messaging applications.
Amplified Payment System (Nigeria) – Connects banks, telecommunication companies and businesses to their customers to drive adoption of digital financial services through messaging.
Verify Payments (Bahrain) – Instant, low-cost bank transfers across the GCC
PaySky (Egypt) – Next-generation, multi-channel payment solutions empowering consumers and businesses to pay and get paid.
Jaib (Jordan) – Card-less and bank-less payment method that incorporates machine learning and consumer lending to provide the most seamless and secure means of transaction between retailers and emerging market customers.
Spare (Kuwait) – Micro-savings application to improve customers’ spending habits and help them grow their savings.
iWealth (United Arab Emirates) – Education platform integrated with a mobile app, digital wallet, and bank cards, focusing on increasing Finance Intelligence for teens and parents at home by teaching healthy money habits.
Limitless (United Kingdom) – A mobile application targeting millennials to help them start investing.
Money Mall (United Arab Emirates) – Financial coaching & personalised product recommendations, based on credit score, for everyone to achieve their financial goals and happiness.
ebooc (United Arab Emirates) – A multi-participant loyalty program operating on blockchain & NFC technology.
bondsmart (United Kingdom) – Co-ownership bond platforms, helping financial institutions present fixed income in a simpler manner and their clients to invest bite-size amounts in institutional bonds.
Jibrel (Switzerland) – Smart contract development company on blockchain technology, leveraging the latest innovations in cryptography, distributed ledger and smart contract technology to build the financial networks of the future.
Haseed (Saudi Arabia)- Robo-advisor that combines proven wealth management advancements with the crucial infrastructure to enable Islamic investments and address the underserved GCC region.
Addenda (United Arab Emirates) – End-to-end insurance settlement layer built on the blockchain using Hyperledger Fabric, allowing insurers to automate claims, cut overheads and identify fraud.
BetterTradeOff FinTech Solutions (United Arab Emirates) – Life-planning solution powered by advanced statistical models and artificial intelligence to empower people to make optimum decisions when financing their dreams.
InsureVite (Singapore) – Artificial Intelligence and blockchain-powered platform that merges multiple touchpoints into a single contact point and combines multiple administrative processes into sets of algorithmic modules embedded into a chatbot.
Turnkey IS Technologies (United Arab Emirates) – Specialised insurance consultancy services company, providing the insurance industry with innovative “IT as a service” products and solutions for the underwriting cycle.
Virtual i Technologies (United Arab Emirates) -Enables the insurance industry to move from good faith-based underwriting to data-based dynamic decision making.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
