Accelerator programs in MEA are launched to boost Fintech strategies in respected countries

It is not easy for startups to enter a crowded market, especially in the fintech space. With various countries around the world establishing strategies to become more digital over the next few years, the challenges for startups and established names in the fintech sphere continue to grow. One solution to this problem is accelerator programs: programs that identify promising startups and provide them with the resources and help they need to break into the market.

Countries in the MEA region are establishing their own digital goals, but startups need assistance to help the countries achieve these goals. In this article, we look at two accelerator programs that help new organizations in Kuwait, the UAE, the Kingdom of Saudi Arabia and the Sultanate of Oman.

The first cohort that participated in the Boubyan Accelerator Program has been selected

Boubyan Bank has announced the launch of the training phase for projects and companies that qualified to continue with the Boubyan Accelerator Program, which was launched in partnership with DIFC FinTech Hive. The launch was announced at a ceremony attended by Boubyan senior management and in the presence of DIFC FinTech Hive’s Managing VP, Ms. Raja Al Mazroui and a group of strategic partners and investors in the local and GCC market.

Abdullah Al-Tuwaijrimanaging director – private, consumer and digital banking at Boubyan Bank, commented on the occasion by stating: “We are delighted to be here today to announce the launch of the training program for the first cohort of participants selected to continue its journey with the Boubyan Accelerator Program, which targets regional startups looking to work in Kuwait, and aims to help them launch and accelerate their ideas.”

“Ten projects and startups were selected from 250 entrepreneurs who applied to join the program ever since the announcement of its first launch in Kuwait. The program aims to reinforce Boubyan’s strategy and its remarkable steps started years ago towards leading the future of the financial sector in Kuwait, reinforcing its status as a leader in innovation, digital services, initiatives and entrepreneurship,” Al-Tuwaijri added. “Qualified candidates will join an intensified and innovative program that will help them launch their ideas and accelerate their implementation. This reinforces Boubyan’s role in supporting startups, especially those that can become highly successful and add value to society, which are in line with our social responsibility.”

In this context, DIFC FinTech Hive’s Executive VP, Raja Al Mazroui, stated: “Being the first and largest fintech accelerator in the Middle East, Africa and South Asia, and coming from our vision to bring fintech initiatives together, develop them, and improve innovation concepts as well as establish partnerships, we are pleased to be the first supporter of accelerator initiatives and programs in the region. Moreover, we are happy to collaborate with the Boubyan Accelerator Program and share our experience with them in line with our strategy, which aims to improve the future of FinTech and grow talents by offering continuous support according to the best international standards.”

Speaking about the 10 selected youth initiatives, Al-Tuwaijri said: “Technology was a must for these projects, whose selection was characterized by diversification as they included digital education, fintech and e-commerce startups. Geographical location was a selection criterion and they included participations from Kuwait, UAE and KSA.

Projects that qualified for the next phase of the Boubyan Accelerator Program under the fintech category included Activate from Kuwait, Xpence and Edfundo from the UAE, and Money loop from KSA. During digital education, Kashkool Educational was selected from Kuwait, and under e-commerce and other participatory technology initiatives participating in the program, Tdalal, Book no Co., Punch App, Mnasatiand Looksie from Kuwait was selected.

Al-Tuwaijri elaborated: “Through this program, the bank will develop and accelerate action plans for start-ups and improve the technology used in their services in addition to holding many workshops and events that will give them the opportunity to connect with strategic partners and investors in local and GCC markets to pitch their projects. The program will also support their marketing efforts and financial management, thereby strengthening entrepreneurship in the promising technology sector.”

Fintech startups welcome in Sulatane of Oman following MoU

Central Bank of Oman (CBO) signed a memorandum of understanding (MoU) with Oman Telecommunications Company (Omantel) on Tuesday 13 September 2022 at the Omantel headquarters to conduct an accelerator program to enable fintech startups in the Sultanate of Oman.

Signed by His Excellency Tahir bin Salim Al AmriCBO’s executive president, and Talal bin Said Al MamariOmantel’s CEO, this MoU comes in light of CBO’s Oman Fintech Framework and Roadmap which aims to establish a comprehensive and nurturing fintech ecosystem in Oman that supports and promotes fintech start-ups, small and medium enterprises (SMEs), banks and technology companies.

The partnership brings together the expertise and shared vision of CBO and Omantel to support local fintech start-ups in Oman. Starting November 14, the six-month Accelerator program will support innovative fintech startups through the challenges of the highly competitive fintech industry using mentorship, training, networking and fundraising support.

HE Tahir bin Salim Al Amri said: “Fintech is critical to the future of the Sultanate of Oman’s financial sector and we are committed to supporting fintech start-ups in the country. This program is one of the manifestations of that mission. We are delighted to work with Omantel to provide strategic guidance and regulatory advice to local fintech start-ups.”

Talal Al Mamari, CEO of Omantel, said “We are excited about this partnership with CBO which leverages our shared vision and strength to contribute to the growth of fintech startups in the country. We are committed to leading digital transformation in Oman and creating meaningful opportunities for local start-ups to develop and thrive, and we strongly believe that our collaboration with CBO in this area will be a game changer for the country’s fintech sector.”