DIFC Fintech Hive

DX is now officially one of the DIFC Fintech Hive Alumni. DX Compliance participated successfully last week in the final Event of the current Cohort. In which 17 successful start-ups from the fourth cohort of DIFC FinTech Hive accelerator programme, showcased the year’s most innovative technologies to a virtual audience of investors, industry leaders, and the initiative’s financial and knowledge partners.

Partners include Abu Dhabi Islamic Bank, Dubai Islamic Economy Development Centre, Emirates Islamic Bank, Emirates NBD, HSBC, Mashreq, Standard Chartered Bank, Visa, and Wall Street Exchange, along with FinTech Hive’s secondary partners First Abu Dhabi Bank, Zurich, and Etisalat.

Lessons learned from the programme:

1. It’s not anymore MENA it is MEASA

With the strategic importance of the region growing, more and more companies, early-stage and multinationals alike are covering a wider territory from their base in the middle east. In the UAE exposure to businesses, partners and clients is reaching further than ever before.

2. Combine User Experience with Technology and stand out and remain on top of the game, remain innovative.

The continued relevance of the consumerisation of Enterprise Software is clear and too many in the field a no-brainer. Cross border and cross-industry this remains true and the combination of bringing the best possible results and insights to the user, in a way which works for them and intuitively for them, remains vital.

3. The switch from man vs. machine to Human and machine.

This shift in mindset and human intervention is important for the digitalization of the Compliance Department as a Back Office function. While in the past, many feared that too much automation would reduce manpower and put jobs at risk, the perspective of many corporate stakeholders has now shifted: Innovate and update or be left behind. What’s more, they are turning quickly away from the large incumbents in industries and focussing ever more on best in class, niche providers.

The DIFC is now home to more than 240 FinTech related firms. They represent over 50 percent of all FinTech entities in the GCC and will help DIFC achieve its vision to shape the future of finance.