In a world where global fintech investment has faced challenges, the Middle East and Africa (MEA) region is a beacon of resilience and innovation. The National Digital Talent Incubator (NDTI), operated by Emirates NBD and supported by partners like DIFC Innovation Hub, Visa, Microsoft, and Dell Technologies, has proven to be a vital catalyst for growth, providing startups with the tools and connections needed to thrive in this dynamic landscape

The 2023 cohort of the NDTI program saw four diverse fintech firms take significant strides in their growth journeys. Under the guidance of Emirates NBD and its partners, these startups not only honed their skills but also gained access to a valuable network of potential partners and a supportive community of alumni. The program’s unique focus on Emirati founders and co-founders underscores its commitment to nurturing local talent and fostering innovation in the region.

Founders engaged in the Decision Makers Series, interacting directly with Emirates NBD’s senior leaders, shaping their strategic vision, and exploring collaborations. A trip to Saudi Arabia further broadened their horizons, connecting them with vibrant pioneers of the Saudi startup ecosystem and potential regional partners.

The program has already sparked discussions with Emirates NBD teams, with three POVs under discussion in the UAE and Saudi, as well as introductions to other financial institutions. Two founders are also in talks with VCs for potential investments.

A program highlight was the founders’ participation in a panel on ‘Empowering Emirati Founders’ at COP28 in Dubai, showcasing their achievements on a global stage amid discussions on sustainability, innovation, and entrepreneurship.

Reflecting on the success of the programme, Mohammad Alblooshi, CEO of DIFC Innovation Hub said: “DIFC Innovation Hub is dedicated to driving innovation and fostering local talent in line with UAE vision 2031.

Through our participation in the Emirates NBD NDTI programme, we were able to provide meaningful, relevant, and in-depth knowledge and expertise to the participants which facilitated access to influential networks, discussions for POCs, introductions to financial institutions, promising conversations with venture capitalists and significant media exposure.

“Through NDTI, we strive to provide a platform for aspiring Emirati entrepreneurs, equipping them with the skills and opportunities needed to thrive in the rapidly evolving digital landscape.”

Only the beginning

The MEA region has blossomed as fintech leaders continue to emerge and prosper. Commenting on the attitude of the region’s entrepreneurs, Hasan Kazmi, VP, head of strategic partnerships and ventures – CEMEA, Visa, said: “The NDTI programme recognises the growing entrepreneurial spirit of the fintech sector in the region and helps enable Emiratis to become tomorrow’s fintech leaders, positioning them at forefront of innovation in digital banking and financial services.

“Dubai is a great driver of fintech innovation, with its world-class infrastructure, regulatory framework, and tax advantages that draw interest from a broad range of financial institutions, multinational corporations, and startups. This creates an ecosystem that thrives on collaboration and innovation, empowered by a strategic location that connects East and West.

“At Visa, we recognise this immense home-grown potential and seek to harness it – our Innovation Center and NDTI Immersion Day design in Dubai is just one example, tapping into the power of collaboration and co-creation to collectively spur the future of commerce through emerging financial technologies that enhance the way we pay and get paid.”

Innovation across various areas of fintech

The National Digital Talent Incubator (NDTI) distinguishes itself by propelling startups across the fintech spectrum. In the UAE, AI’s rise is particularly notable, with AI-driven statistics expected to add $37billion to the financial sector by 2035. Additionally, there is increased demand from UAE residents seeking greater personalized services, highlighting the demand for micro-investments, data transaction enrichment, and AI.

Sustainability is another focal point, boosted by the momentum of COP28, with the program supporting startups that integrate ESG principles into their offerings. This is in response to a growing preference for low-effort sustainable practices among UAE consumers.

With founders concentrating on AI-driven statistics, micro-investments, sustainability, and data transaction enrichment, the NDTI program aimed to address key challenges in the fintech ecosystem and the demand for customization, to continue to drive fintech innovation in the region.

Success of the programme 

Naim Yazbeck, general manager, Microsoft UAE, discussed the success of the Microsoft Immersion Day, during which participants had the opportunity to engage directly with Microsoft’s latest technologies: “Microsoft is proud to partner with Emirates NBD and contribute to the success of the National Digital Talent Incubator. The positive impact of the programme, particularly the Microsoft Immersion Day, is a testament to the power of collaborative learning and hands-on experience.

“Equipping the next generation of UAE fintech talent with the latest cloud technologies and practical skills is crucial for fostering innovation and building a thriving digital economy. We are excited to see the NDTI graduates shape the future of the UAE’s fintech landscape and remain committed to supporting their journey every step of the way.”

A commitment to growth

Walid Yehia, managing director – UAE, Dell Technologies, shared his thoughts on the partnership with Emirates NBD: “At Dell Technologies, our mission is to equip businesses with agile and scalable solutions, that allow them to innovate and thrive in the ever-evolving digital landscape. This commitment serves as the cornerstone of our cooperation with Emirates NBD, a disruptive leader in the region’s financial sector.

Dell is unwavering in its dedication to providing ENBD with the necessary infrastructure to sustain growth, ensuring they remain at the forefront of the region’s dynamic fintech space. As a testament to this commitment, Dell is proud to collaborate in the groundbreaking ENBD National Digital Talent Incubator (NDTI) initiative. This transformational program fosters fintech talent and is poised to propel the UAE’s financial services sector to greater heights in the future.”

Looking to the future 

Ahead of the second cohort, Eman Abdulrazzaq, group chief human resources officer at Emirates NBD, revealed what he was most excited about: “The inception of the National Digital Talent Incubator (NDTI) stems from the collaborative efforts of Emirates NBD and DIFC Launchpad, driven by a shared vision to aims to boost UAE talent and advance the Dubai fintech landscape.

“As we celebrate the successful conclusion of the inaugural cohort, we take pride in our culture of innovation and exploration, which has been instrumental in the programme’s achievements.”

She added: “Throughout the intensive eight-week programme, participants benefited from invaluable insights provided by venture building and innovation experts at DIFC Launchpad, hands-on guidance from most successful entrepreneurs in the UAE, personalised mentorship sessions with founders of leading fintech scaleups in the region, and access to a vast network of innovators, established corporations, governmental entities, and capital sources in the UAE.

“We look forward to the launch of the second cohort of the NDTI programme in April 2024, poised to deliver yet another wave of pioneering initiatives and entrepreneurial excellence.”

The UAE has established itself as a frontrunner in the fintech innovation space, boasting a market currently valued at $39.3billion in terms of transaction value, as reported by Mordor Intelligence. Emirates NBD, a banking group in the MENAT region, aims to further bolster and expedite this growth with the launch of its National Digital Talent Incubator (NDTI) programme.

The NDTI is not just an incubator; it is a strategic initiative aimed at steering the next generation of UAE-founder fintech companies towards global influence. Participants of any nationality are welcome, with the caveat of having an Emirati founder or co-founder at the helm, to continue to drive local digital talent development. The inaugural eight-week cohort features four promising fintechs, chosen to amplify innovation in the region through a comprehensive programme.

The programme sets itself apart through a diverse range of exclusive engagements. Founders are invited to participate in the Decision Maker Series, connecting directly with Emirates NBD’s senior leaders, to shape strategic visions.

Recognising branding as often overlooked, the programme has integrated a pioneering Brand Masterclass, led by the Group Head of Branding, featuring immersive classroom sessions, real-world case studies, and personalised coaching – a rarity in incubator programmes.

Backing this programme are industry giants such as DIFC Innovation Hub, Visa,Microsoft and Dell Technologies. The programme partners will work closely with Emirates NBD to facilitate the programme,hosting immersion days with subject matter experts, offering invaluable sessions and mentorship.

The programme will extend regionally with a pivotal trek to KSA, where founders will be welcomed into the vibrant fintech ecosystem, fostering connections with Saudi startup pioneers. The pinnacle moments arrive during COP28, where participants engage on the world stage in panel sessions, and later, in a private graduation ceremony, forging lasting bonds with bank leadership and partners.

This comprehensive experience offers an unparalleled blend of strategic learning, real-world exposure, and high-level networking opportunities, elevating participants to new heights of entrepreneurial success.

Accelerating the UAE’s frontrunning position

NDTI will build upon an already burgeoning ecosystem and prepare the region for the next wave of innovators in fintech.

NDTI builds upon an already thriving fintech ecosystem, exemplified by the DIFC‘s 36 per cent increase in fintech memberships since 2022, taking the total number to 686. In addition, the innovation hub is home to 17 of the world’s top 20 banks, five of the top 10 insurance companies and five of the top 10 asset managers globally. NDTI participants are joining an atmosphere that is brimming with innovation and potential.

And this trend will not stop at the end of 2023 – it is set to grow. According to research from Statista, digital investment in the UAE fintech market is set to grow by $10billion in the next four years reaching, $25.12billion. Earlier this year, the region also began accepting applications from companies intending to provide cryptocurrency services, once again showing the future-thinking nature of the UAE.

Abdulla Qassem, group chief operating officer, Emirates NBD, said: “We are extremely pleased to launch the NDTI programme in collaboration with our long-time strategic partner, DIFC. The launch of this unique programme reinforces Emirates NBD’s commitment to accelerate innovation, boost local talent and entrepreneurial growth in the region.

“As a leading local bank that has always championed innovation and contributed towards growing the national digital economy, we are confident that our new incubator programme will help in
catalysing economic development and innovation in the financial services industry and the UAE economy as a whole.”

He added: “Most incubator programmes around the world focus only on driving product innovation. Emirates NBD’s NDTI programme stands out as it has been designed to enable participants to broaden their skillset, network and influence, to better understand key trends shaping the economy and create businesses that significantly impact the local and global economy. We are providing participants with a toolkit to translate their ideas into impactful innovations and the support to grow them to scale.”

This is only the beginning

Throughout the eight-week programme, the companies will focus on a variety of different topics including the varying types of innovation and value creation processes. They will also delve into key trends shaping the economy and government around them, the principle of rapid prototyping and customer validation feedback. The significance of identifying the first customer and selecting the right co-founder will also be discussed in the programme.

NDTI is not only going to inject and accelerate innovative minds into the region once though. A second cohort will run between March and May 2024.This is a testament to the UAE’s commitment to shaping the future of finance.

Keep up to date with the latest NDTI developments and learn more