Boubyan Bank has signed a joint cooperation agreement with DIFC Fin Tech Hive, affiliated to the Dubai International Financial Center, to launch the (Boubyan Bank Accelerator Program), the first of its kind locally, with the aim of accelerating the growth and expansion of emerging companies in the field of technology in all its forms, as part of its keenness to support Kuwaiti Startup Ventures, to be the first bank to launch a business accelerator for start-up companies in Kuwait.
The agreement was signed in Dubai by Abdullah Al-Tuwaijri, CEO of Personal and Digital Banking at the Bank, and Raja Al-Mazrouei, Executive Vice President at DIFC FinTech Hive, in the presence of a number of bank and institution officials.
Al-Tuwaijri said that Boubyan Bank continues the distinguished steps it started years ago in pioneering the future of the financial sector in Kuwait, and strengthening its position as a leader in innovation, digital services, initiatives and entrepreneurship.
He added, “We are pleased to announce this partnership with one of the most important regional institutions that incubate and sponsor emerging companies in the field of technology in general, which has been witnessing rapid growth in recent years.”
Al-Tuwaijri explained that this partnership came in light of the consensus that the future holds a lot for financial institutions that take technology as their main pillar in expanding and launching in wider areas in various business sectors.
Al-Tuwaijri referred to business accelerators in general and Boubyan accelerator in particular, which will work to accelerate emerging businesses through a number of training courses, consultations, and other services that contribute to their growth, pointing out that the accelerators provide support to startups in their early stages of life, especially Those looking for growth in their business including education, experience, mentorship, mentorship and financing.
He added, “The Boubyan Accelerator will work on developing the business plan for the startup and developing the technology used to provide the service, and it will present several workshops and evaluate events that allow startup owners to communicate with investors and present their projects, as well as assisting them in marketing, accounts, financial management, and communicating with strategic allies in the market.” , and investors.
Project Support
Al-Tuwaijri explained that Boubyan Bank has taken it upon itself for years to support various Kuwaiti youth projects in various sectors and fields, in order to achieve their goals of growth and expansion, pointing out that many digital applications and projects in Kuwait played a major role in supporting and succeeding them.
He added, “The bank’s management believes in the importance that emerging companies occupy, just as well-known and established companies, especially as there are fast-growing companies that achieve great success if they are given the opportunity to launch.”
Al-Tuwaijri confirmed that the Boubyan Business Accelerator will accelerate the life cycle of creative startups that have recently started entering the Kuwaiti market, or those that intend to launch in it by compressing years of experience into a very few months.
He added that from this standpoint, the bank seeks to positively employ technology at the level of financial services, and to encourage Kuwaiti start-up companies to take advantage of this technology, and that these companies, through their membership in its program, benefit from all the experiences and capabilities that it will put in their hands.
digital solutions
For her part, Al Mazrouei expressed her happiness at signing this agreement with Boubyan Bank, which paves the way for launching an innovative program to develop digital solutions in the field of financial technology, and develop competencies to lead innovation and creativity in Kuwait.
She noted the cooperation between the two parties, which will benefit the start-up companies in Kuwait, which will benefit from this partnership, accelerating the pace of their business and activities in the field of financial technology.
Al Mazrouei indicated that Fintech Hive of the Dubai International Financial Center is the first and largest technology accelerator in the Middle East, Africa and South Asia, which supports emerging companies and accelerates their growth by launching and managing many batches, which contributes to accelerating many of the best startups in the world. Region.
She added that the Foundation opens its doors to participation in the field of financial technology startups from around the world, wishing to enter the Middle East markets and benefit from the leading position enjoyed by the Dubai International Financial Center.
launch date
In a related context, the Director of the Innovation and Partnerships Department at Boubyan Bank, Abdul Rahman Al-Munaifi, said that the participating startups will be enabled to work flexibly, explore opportunities to accelerate their growth, and present their business to several stakeholders and interested investors.
He added that the launch date and details of the program will be announced soon, which are of interest to the start-up sector in Kuwait, expecting that it will witness a large turnout from Kuwaiti youth who have proven in recent years their ability to enter the field of business and digital financial activities.
Al-Munifi pointed to the tremendous growth in businesses and emerging projects in the field of technology in all its forms, especially financial, real estate, regulatory, insurance and other technologies.