Startupbootcamp announced on Tuesday it has launched its FinTech Accelerator program in Dubai in order to support the city in its bid to become what it claims to be a world leader in financial services innovation and technology.

The accelerator program organizer revealed that over the next three years and in partnership with Dubai International Financial Centre (DIFC), Visa and HSBC, it will accelerate 40 startups working in a range of fields impacting financial services innovation, such as artificial and machine intelligence, distributed ledger technologies, and digital and open banking. Startupbootcamp also noted that the program will be open to startups from the MENA region as well as from around the globe.

“Dubai’s strong FinTech ambitions are focused on becoming the key financial hub serving a unique and rapidly developing region. Startupbootcamp, together with the partners, will support this vision by taking FinTech startups through a focused three-month growth program located in FinTech Hive at DIFC to address all critical areas of their business and prepare operations for future scaling. Partners and mentors of the program provide startups with an unparalleled level of highly curated access to resources, insights, technology, and expertise.”

Startupbootcamp then explained the program will provide startups with support from Startupbootcamp’s global network of entrepreneurs, investors, and industry corporations, as well as free co-working space, €15,000 to cover living expenses and over €450,000 worth of partner deals. Todd OBrien, CEO of MENA, Startupbootcamp, stated:

“We are extremely excited to begin this journey that will see some of the best financial innovations from around the world come to enrich the financial ecosystem in Dubai and the region.”

Raja Al Mazrouei, Executive Vice President – FinTech Hive at DIFC, added:

“Building on the success of our existing accelerator programmes that target growth-stage FinTech companies, we are excited to partner with Startupbootcamp on this latest initiative that provides a growth platform for early-stage startups. The partnership will contribute significantly to developing the regional FinTech and Venture Capital ecosystem, and promoting entrepreneurship in line with the UAE 2021 Vision.”

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