Boubyan Bank, an Islamic bank based in Kuwait, has signed a landmark agreement with DIFC FinTech Hive to launch “Boubyan Bank Accelerator Program”. The project, the first-of-its-kind in Kuwait, aims to accelerate the growth and expansion of Kuwaiti startups, and reflects the bank’s keenness to support young Kuwaitis’ projects, establishing Boubyan Bank as the first bank to run a FinTech startup accelerator in Kuwait.
The agreement was signed in Dubai by Boubyan Bank’s CEO – Private, Consumer & Digital Banking,Abdulla Al-Tuwaijri and DIFC FinTech Hive’s Executive Vice President, Raja Al Mazroui; in the presence of several key officials representing both parties.
Commenting on the agreement, Al-Tuwaijri stated: “Boubyan Bank continues its pioneering efforts started years ago to shape the future of the financial sector in Kuwait, while strengthening its position as a leader in innovation, digital services & initiatives, and entrepreneurship.”
“We are beyond pleased with this partnership with one of the most important regional institutions that supports and nurtures emerging technology startups, which have been witnessing rapid growth in recent years,” Al-Tuwaijri added.
He continued: “Boubyan Bank has always been keen to adopt leading ideas, hence, this partnership reflects its firm and unanimous belief that the future holds great opportunities for financial institutions that embrace technology as a key pillar to expand and scale their services to include various business sectors.”
Raja Al Mazroui, Executive Vice President – DIFC FinTech Hive, expressed her delight at signing this agreement with Boubyan Bank, which ushers in the launch of an innovative program to develop digital FinTech solutions and build tech-savvy and competent cadres to lead innovation and creativity in Kuwait.”
She indicated that the cooperation agreement between both parties will benefit startups in Kuwait and allow them to further advance their business and activities in the financial technology sector.
Al-Tuwaijri explained that business accelerators in general, and Boubyan Bank’s accelerator in particular, will focus on supporting early-stage, growth-driven companies through training programs, consultations, and several other services. “Accelerators provide early-stage support to startups looking to grow their business; this support includes education, experience, mentoring, coaching and financing,” he pointed out.
Concluding, he said: “The Boubyan Bank’s accelerator will provide a customized action plan for startups and optimize the technology used in the service provision, while hosting several workshops and events to allow startup owners to communicate with investors and allow them to pitch their projects, while still offering them assistance with marketing, accounting and financial management.”
DIFC FinTech Hive is the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, supporting startups and helping them grow further.