The Dubai International Financial Centre (DIFC) hosts a technology accelerator every by the name of FinTech Hive which is the first and largest Financial Technology Accelerator in the Middle East, Africa and South Asia region. Now that’s a huge initiative! Under this initiative, FinTech Hive provides an intensive three-month-long program where they will receive mentorship and guidance from 21 different partners. In this period the start-ups can develop and test their solutions under their mentorship. This process culminates in an “Investor Day” where their respective ideas are presented to Investors, media, Industry leaders and other FinTech community members. Least to say when an idea has been selected by this accelerator, it is pretty much relevant!
In the First Edition of this event, it received 110 applications. In 2018 this number rose to 300 applications and in the most recent shindig, it received 425 applications. Woah! It has so far accelerated 22 firms and has received 16% of its applications from India. Even though Indian start-ups have had a big share in the application, getting selected is not easy.
Well, the reason we talk about this initiative is to highlight the fact that an Indian firm, namely, BankBuddy is being backed by this accelerator! Way to go BankBuddy! What BankBuddy does is it leverages a mix of conversational AI (voice and text), predictive analytics and AI-based dynamic customer journey mapping to help banks and financial institutions increase their conversion, cross-sell and up-sell. BankBuddy gets to expand its reach outside of India with its technology by using this accelerator!