Dubai Technology Tour to drive UAE-India collaboration in fintech

Business Bureau, Gulf Today

Dubai Startup Hub, an initiative of Dubai Chamber of Commerce and Industry, has announced that it is organising the first-ever Dubai Technology Tour, which aims to drive UAE-India collaboration in the areas of fintech and healthtech.

The virtual trade mission, scheduled for the second week of September, will see 15 entrepreneurs representing promising Indian scale-ups connect with relevant UAE stakeholders, including investors, corporates, and peer scale-ups, pitch their businesses and participate in business matchmaking sessions organised by Dubai Chamber.

The Dubai Technology Tour, organised in partnership with Startup India and Mumbai Fintech Hub, will familiarise delegates with Dubai’s economy and business environment, as well as the competitive advantages that the emirate offers startups and scale-ups specialising in advanced technologies. In addition, the initiative positions Dubai as preferred hub for Indian entrepreneurs who are bringing innovative business concepts to market.

Indian entrepreneurs keen on joining the Dubai Technology Tour will have to register online until 5th August. The initiative is a continuation of Dubai Startup Hub’s efforts to attract high-potential Indian startups and scale-ups offering cutting-edge solutions that support Dubai’s innovation strategy and transition to a knowledge-based economy.

These efforts began last year when Dubai Startup Hub organised a roadshow to New Delhi and Bangalore in cooperation with Dubai Technology Entrepreneur Campus, Dtec, the largest hub of its kind in the region and wholly owned by Dubai Silicon Oasis Authority, where two Indian startups were selected as part of a competition and awarded office space at Dtec.

Established by Dubai Chamber in 2016, Dubai Startup Hub is the first initiative of its kind in the Middle East and North Africa region. The hub has been designed to emphasis the value of public and private sector collaboration and embodies the aim of encouraging innovation and entrepreneurship as a main driver of the economy of Dubai and the UAE.

Meanwhile the Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM), invited applications from local and international FinTechs to participate in the 2020 edition of the FinTech Abu Dhabi Innovation Challenge.

The Innovation Challenge is one of the flagship initiatives held annually at the FinTech Abu Dhabi event to recruit innovative FinTech solutions that address specific challenges in the financial services sector, in an effort to foster a diverse, sustainable and competitive economy.

Based on a series of consultations and engagements with Corporate Champions from the financial, corporate and government sectors, the Innovation Challenge 2020 will focus on solutions to better serve the financing needs of small and medium-sized enterprises (SMEs), which are instrumental stakeholders in the UAE’s plans for economic transformation and diversification.

The Challenge will also seek to drive the adoption of RegTech solutions to improve compliance outcomes and enhance regulatory processes.

Successful FinTech applicants will each receive a stipend of $20,000 to partner with a Corporate Champion and co-develop an innovative proof of concept (PoC) solution to a problem statement.Our Corporate Champions include First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Anglo-Gulf Trade Bank and Etihad Credit Insurance. Successful PoCs will be showcased at Mena’s largest FinTech Festival, FinTech Abu Dhabi 2020, which will be jointly held by the CBUAE and ADGM from Nov. 24-26, 2020.

An additional funding grant of up to $40,000 will be provided to help finance the further development of the PoC solutions after the Challenge.

The grant funding is intended to fast-track deployment of the PoC solutions within industry to improve SME financing and regulatory outcomes in the UAE. Applications will be assessed against the key criteria of how well the solution addresses the problem statement, the maturity and scalability of the solution, and how the solution might be deployed in the UAE.

Shortlisted FinTechs will then be invited to pitch their solutions to a panel of judges who will select the finalists. ADGM invites FinTechs to review the list of problem statements and apply with details of their solution and how it will benefit the Corporate Champion and UAE financial services industry more broadly. The closing date for applications is Aug.1, 2020.