Business incubator’s pioneering partnership elevates UAE fintech sector
In a ground-breaking collaboration, iAccel Gulf Business Incubator (iAGBI), an established business incubator based in Dubai, has just announced a strategic partnership with ERB, a B2B2C fintech financing broker to the banking, financial services and insurance industry (BFSI). This alliance marks a significant step towards innovation and growth, aligning seamlessly with Dubai’s ambitious vision of becoming a global fintech hub.
As Dubai continues to lead the charge in fintech innovation, drawing substantial investments and experiencing unprecedented growth, the collaboration between iAGBI and ERB signifies a pivotal moment in the UAE’s financial evolution. iAccel GBI serves as a catalyst for startups in the India-UAE region and is dedicated to identifying, enabling and nurturing fintech projects across the UAE. Operating under Dubai SME, iAccel GBI collaborates with various stakeholders throughout the UAE to drive the digital transformation of the financial sector.
Manish Aggarwal, (photo above on the left) the Founder and CEO of ERB Fintech Finance Broker, and Deepak Ahuja, the Co-Founder and CEO of iAGBI, (photo above on the right) exchanged a firm handshake, sealing their business deal and marking the commencement of their collaborative journey. This handshake not only signifies the coming together of two visionary leaders but also represents the fusion of expertise and innovation that will drive their shared mission forward.
Fintech powerhouse
Dubai is attracting substantial investments in the fintech sector. The partnership between iAGBI and ERB is set to play a pivotal role in Dubai’s journey toward becoming a global fintech hub, aligned with Dubai’s Economic Agenda (D33).
iAccel GBI, under Dubai SE and the Department of Economy and Tourism, has committed to nurture fintech startups in the UAE. With comprehensive support and an extensive investor network, the incubator aims to empower ERB and similar startups, fuelling the transformation of the financial sector.
Deepak Ahuja, CEO & Co-Founder of iAccel Gulf Business Incubator, stated, “The UAE’s forward-thinking approach and embrace of cutting-edge technologies position it for substantial growth in the fintech startup and entrepreneurial arena. Innovative fintech concepts like ERB will enhance collaboration between the Indian and UAE startup ecosystems, providing a robust platform for seamless B2B2C financial product exchange.”
As policymakers and industry leaders actively create an enabling ecosystem for fintech innovation, Dubai’s financial sector has emerged as a key driver of the emirate’s economy, contributing up to 10 percent of its GDP. This growth has attracted foreign investments, supported the growth of MSMEs (Micro, small and medium-sized enterprises) and promoted entrepreneurship.
Shalabh Jakhetia, Managing Partner & COO of iAccel Gulf Business said, “We understand the unique challenges faced by fintech startups. Our comprehensive support ecosystem, which includes licensing, workspaces, mentorship, legal guidance, marketing, funding access, and an extensive investor network, will empower ERB to thrive in the UAE market.”
Bridging gaps and optimising business growth
ERB’s technology aims to bridge gaps in the BFSI industry, offering full process automation, instant payouts, enhanced rate offerings, and a cross-selling engine. This enables financial distributors to optimize operations, achieve cost savings, and drive tangible business growth.
Manish Aggarwal, Founder & CEO of ERB Fintech Finance Broker, shared, “The UAE’s vibrant entrepreneurial ecosystem and its embrace of innovative fintech solutions fuel our vision here. The flourishing BFSI sector in the UAE presents us with the right product-market fit and a compelling opportunity. The iAccel Gulf Business Incubator, with its invaluable investor network and robust business support, is the ideal launchpad for our global expansion journey in Dubai.”
With the combined strengths of iAccel GBI and ERB, the UAE’s fintech sector is poised for further growth and transformation. This partnership is expected to solidify Dubai’s position as a global fintech hub, attracting increased foreign direct investment and contributing significantly to the emirate’s ambitious economic targets for 2033.
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