Al-Tuwaijri: Reaching this stage of the program confirms our eagerness to support startups and entrepreneurs
Boubyan Bank has announced the launch of the training phase for projects and companies that qualified to proceed with the Boubyan Accelerator Program, which was launched in partnership with the DIFC FinTech Hive. The launch was announced at a ceremony attended by the senior management of Boubyan and in the presence of DIFIC FinTech Hives Executive VP, Raja Al Mazroui and a group of strategic partners and investors in the local and GCC market.
Mr. Abdulla Al-Tuwaijri, Managing Director – Private, Consumer & Digital Banking at Boubyan Bank, commented on the occasion: “We are pleased to be here today to announce the launch of the training program for the first group of participants that had been selected to continue their journey with the Boubyan Accelerator Program, which targets regional startups looking to work in Kuwait, and aims to help them launch and accelerate their ideas.”
“Ten projects and startups were selected from 250 entrepreneurs who applied to join the program ever since the announcement of its first launch in Kuwait. The program aims to reinforce Boubyan’s strategy and its remarkable steps started years ago towards leading the future of the financial sector in Kuwait, reinforcing its status as a leader in innovation, digital services, initiatives and entrepreneurship,” Al-Tuwaijri added.
He added: “Qualified candidates will join an intensified and innovative program that will help them launch their ideas and accelerate their implementation. This reinforces Boubyan’s role in supporting startups, especially those that can become highly successful and add value to society, which is in line with our social responsibility.”
In this context, DIFIC FinTech Hive CEO Raja Al Mazroui stated: “Being the first and largest FinTech accelerator in the Middle East, Africa and South Asia and coming from our vision to bring FinTech initiatives together, develop them, and improve innovation concepts as well as establish partnerships, we are pleased to be the first supporter of accelerator initiatives and programs in the region. Moreover, we are happy to collaborate with the Boubyan Accelerator Program and share our experience with them in line with our strategy, which aims to improve the future of FinTech and grow talents by offering continuous support according to the best international standards.”
Speaking about the 10 selected youth initiatives, Mr Al-Tuwaijri said: “Technology was a must for these projects, whose selection was characterized by diversification as they included digital education, FinTech and e-commerce start-ups. Geographical location was a selection criterion, in in addition to which they included participations from Kuwait, UAE and KSA.
Projects that qualified for the next phase of the Boubyan Accelerator Program under the FinTech category include Enabill from Kuwait, Xpence and Edfundo from the UAE, and Money Loop from KSA. Under digital education, Kashkool Educational was selected from Kuwait and under e-commerce and other participatory technology initiatives participating in the program, Tdalal, Bookr Co., Punch App, Mnasati and Looksie from Kuwait were selected.
Al-Tuwaijri elaborated: “Through this program, the bank will develop and accelerate action plans for start-ups and improve the technology used in their services in addition to holding many workshops and events that will give them the opportunity to connect with strategic partners and investors in local and GCC markets to pitch their projects. The program will also support their marketing efforts and financial management, thereby strengthening entrepreneurship in the promising technology sector.”
