Mashreq joins Startupbootcamp FinTech Dubai to develop the regional FinTech ecosystem

Wednesday 10 April 2019
Subroto Som, Executive Vice President, Head of Retail Banking Group
Dubai - MENA Herald:

Dubai-based Mashreq bank joined the Startupbootcamp FinTech program in Dubai, a program designed to identify and nurture some of the best startups in the FinTech industry. Over three years, Startupbootcamp FinTech Dubai will accelerate a total of forty startups recruited and selected among a panel of over a thousand of the most promising FinTech companies around the world. The program will nurture a new generation of companies delivering products and services that will solve customers and business problems in the FinTech space.

Startupbootcamp FinTech Dubai was launched in October 2018 and the acceleration program started in February 2019 welcoming ten teams from seven countries, out of which three startups were sourced from the UAE. The 2019’s cohort is developing new products in the space of digital payments, financial Inclusion, crowd-lending, risk analytics and financial education.

Startups joining Startupbootcamp FinTech Dubai have access to an unparalleled knowledge platform made of international mentors, advisors and industry experts from the Startupbootcamp network as well as from Mashreq, Visa, HSBC and DIFC. During the acceleration program, the ten startups selected in each cohort are taken on a journey to develop their products and explore the most effective ways to align their business strategy to the industry needs.

The Startupbootcamp program contributes to spark innovation within the corporate environment thanks to the continuous exchange and collaboration established with the program’s partners, such as Mashreq.

Subroto Som, Executive Vice President, Head of Retail Banking Group, said: “Innovation sits at the very heart of everything we do. We are in the midst of our own digital transformation journey and welcome the opportunity to invest in an initiative that has the potential to deliver untold benefits to our business and our customers. As the UAE’s oldest bank we look forward to working closely with Startupbootcamp to support the next generation of business leaders establish their own legacy.”

Todd OBrien, CEO of MENA, Startupbootcamp , commented: ”We are thrilled to welcome among our partners a leading financial institution in UAE like Mashreq. We believe the selected startups will greatly benefit from the mentorship provided by Mashreq’s leaders as they will provide remarkable insights about the unique challenges and opportunities offered by our market. Our FinTech Dubai program is a platform that enables a deeper connection between the corporate world and the best of breed startups with the goal of designing and introducing to the market innovative financial products that will make a difference in our lives.”

On April 30, 2019, Startupbootcamp will hold a Demo Day event showcasing the ten startups selected for the first cohort of the program. The event will offer investors a chance to learn more about the startups and identify potential investment opportunities.

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