Dubai’s Financial Sector Now Contributes 10% to GDP.
iAccel Gulf Business Incubator (iAGBI), a prominent Dubai-based incubator, has announced a strategic partnership with ERB, a B2B2C Fintech financing broker serving the BFSI industry. This alliance is set to usher in a new era of innovation and growth, aligning with Dubai’s D33 vision to become a global fintech hub.
With Dubai at the forefront of fintech innovation, drawing substantial investments and experiencing unprecedented growth, the collaboration between iAGBI and ERB marks a pivotal moment in the UAE’s financial evolution. iAccel GBI, a bridge between the India-UAE Startup Corridor, is dedicated to identifying, empowering, and nurturing fintech startups across the UAE. Operating under Dubai SME and a part of the Department of Economy and Tourism (DET), iAccel GBI collaborates with various stakeholders across the UAE to drive the digital transformation of the financial sector.
Deepak Ahuja, CEO & Co-Founder of iAccel Gulf Business Incubator, commented, “The UAE has consistently demonstrated a forward-thinking approach, readily adopting cutting-edge technologies. Given its business-friendly environment, we anticipate substantial growth in the UAE’s emergence as a fintech startup and entrepreneurial hub. I am confident that innovative fintech concepts like ERB will enhance collaboration between the Indian and UAE startup ecosystems, providing a robust platform for the seamless exchange of financial products in the B2B2C realm.”
As policymakers and industry leaders actively work to create an enabling ecosystem for fintech innovation, Dubai’s financial sector has become a significant driver of the emirate’s economy, contributing up to 10% of its GDP. This growth has played a crucial role in attracting foreign investments, supporting the growth of MSMEs, and fostering entrepreneurship.
Shalabh Jakhetia, Managing Partner & COO of iAccel Gulf Business Incubator, stated, “At iAccel GBI, we understand the unique challenges faced by fintech startups. Our comprehensive support ecosystem, encompassing licensing, workspaces, mentorship, legal guidance, marketing, funding access, and an extensive investor network, will empower ERB to thrive in the UAE market.”
ERB’s technology aims to bridge the gaps between the UAE’s BFSI (Banking, Financial Services, and Insurance) industry and its customers. By offering full process automation, instant payouts, enhanced rate offerings, and a cross-selling engine, ERB enables financial distributors to optimize their operations, achieve cost savings, and drive tangible business growth.
Manish Aggarwal, Founder & CEO of ERB Fintech Finance Broker, said, “As a startup, our vision in the UAE is fueled by the region’s vibrant entrepreneurial ecosystem and its open embrace of innovative fintech solutions. The UAE’s flourishing BFSI sector offers us the right product-market fit and a compelling opportunity to expand E-Revbay’s footprint. When it came to choosing the ideal launchpad, the iAccel Gulf Business Incubator stood out with its invaluable investor network and robust business support. It’s the perfect partnership for us as we embark on our global expansion journey in Dubai.”
With the combined strengths of iAccel GBI and ERB, the UAE’s fintech sector is poised for rapid growth and transformation. This collaboration is expected to further 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.