Emirates NBD, DIFC and Microsoft Launch Accelerator Program For Metaverse Startups - How Can Startups Benefit

26 Aug 2022
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The metaverse can significantly alter how we live and conduct business. The decentralized network known as Metaverse enables users to connect and communicate with each other. It enables the development of virtual ecosystems and worlds that can be applied to various purposes, including social networking, commerce, instruction, and entertainment. 

The Metaverse is expanding swiftly as more nations and regions attempt to integrate this technology into their economies. Dubai is one of the Middle Eastern cities that heavily use the metaverse. An excellent illustration of this is the Dubai Metaverse Strategy, which aspires to make Dubai one of the top 10 metaverse economies and a prominent center for the metaverse community. The plan assists Dubai in achieving its goal of 40,000 virtual employment by 2030, strengthening the local economy, and advancing the UAE government's goal of tripling the number of blockchain companies now operating in the nation.

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Emirates NBD, a leading banking group in the MENAT(Middle East, North Africa, and Turkey) region, has teamed up with FinTech Hive, the largest financial technology hub in the Middle East, Africa, and South Asia (MESA) region, and technology provider Microsoft, to launch a 10-week global accelerator program for metaverse start-ups. The program aims to enhance the user experience for the emerging virtual economy.

According to MasterCard's New Payments Index 2022, nearly 40% of UAE citizens use smartphone mobile wallets, 29% use buy-now-pay-later (BNPL) services, 20% use cryptocurrencies, and 18% use wearable technology that accepts payments. 

Since 94% of all financial transactions and inquiries are made outside of physical branches, the bank is looking into emerging web 3.0 technologies. The lender wants to increase its online presence and give clients immersive experiences. The program intends to reinvent banking in the future and enhance consumer satisfaction in the digital economy.

 

Marwan Hadi, executive vice president and head of retail banking at Emirates NBD, said, "Dubai's goal of becoming a global leader in the metaverse depends on its ability to draw creative start-ups.”

Startups can find it difficult to transition their business into the Metaverse, which can have a steep entry point. To make it easier for new startups to enter the Metaverse, Royex Metaverse offers services like Metaverse Game Development, Metaverse Real Estate Development, and Metaverse Shopping App Development.

Through this cohort, DIFC FinTech Hive seeks to match Emirates NBD with top international start-ups with distinctive offerings across three important areas. 

  • How may Emirates NBD construct its technological stack to enable the transition from 2D to 3D for the modern world and the metaverse to give clients more engaging experiences?
  • How can Emirates NBD increase interaction on current channels to give customers more immersive experiences and build virtual worlds to draw personas engaged in the metaverse?
  • How can Emirates NBD safely enable the necessary web 3.0 decentralized payment infrastructure so that users can create, monetize, purchase, and sell digital goods and services?

 

How can startups benefit from this program?

To help organizations create experiences in the metaverse, DIFC Fintech Hive and Emirates NBD accept proposals from startups, FinTechs, content development, and emerging technology firms. Go to the opportunity areas if you share our enthusiasm for the newly developing field of the metaverse and see if you can come up with a solution. Candidates will be examined, narrowed down, and matched with Emirates NBD for a chance to develop immersive and compelling experiences for our clients jointly. The application process will be as follows:

  • Applications may be filed beginning on August 11, and the application period will expire on September 2. 
  • DIFC Fintech will evaluate all proposals between September 2 and September 23. 
  • DIFC Fintech will shortlist applications between September 26 and October 5th. 
  • Candidates selected for publication will present their original ideas on October 12th.

 

Emirates NBD is looking for leading FinTech, digital experience startups, and emerging technology players operating across the metaverse landscape. The DIFC Fintech Hive will assess and match Emirates NBD with top start-ups presenting unique ideas on the value generation, experience, and technological stack required for the metaverse throughout the course of a 10-week acceleration program. The process will conclude in a demo day at GITEX, when the shortlisted participants will present their solutions to co-create engaging experiences for Emirates NBD customers in the new reality.

"Raja Al Mazrouei, executive vice president of DIFC FinTech Hive, stated, "We are pleased to work with Emirates NBD to launch the global accelerator program for start-ups in the metaverse, which are expanding swiftly and attracting increasing interest from around the world.”

According to Microsoft UAE general manager Naim Yazbeck, "In the metaverse, where the physical and digital worlds intersect to create an entirely new platform layer, we have a great possibility to create ground-breaking solutions that fundamentally revolutionize consumer journeys and experiences."

As the shift to a digital economy quickens, research earlier this month found that 88% of customers in the UAE have used at least one innovative payment method in the previous year.

In June, the Italian banking firm Sella started an acceleration program for entrepreneurs focusing on finance in the virtual economy. The Emirates NBD initiative is in line with this.

 

Royex Metaverse is a leading Metaverse App Development Company in Dubai, UAE. We are at the forefront of adopting and developing the next generation of Internet technology - Metaverse. With leading Metaverse App development services and solutions, we can help you uncover new possibilities! Our Metaverse App Services and solutions let you create dynamic and realistic virtual worlds and real-world environments for better business collaboration.

The book "Metaverse - The Future Is Here" is the definitive guide to learning about the emerging technology Metaverse. You will find in-depth information on the origins of the Metaverse, its evolution, how we can access it, the different Metaverse platforms available, and the technologies powering it; apart from the basics, the book also elaborates on how businesses can enter the Metaverse, various marketing strategies, its use cases for various industries, social and legal implications, and discusses what Metaverse in the future will look like.

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