- iAGBI plays a pivotal role in fostering fintech innovation and collaboration in Dubai.
- The financial sector in Dubai now accounts for approximately 10% of the emirate’s GDP.
- ERB’s technology aims to bridge the gap between the UAE’s BFSI industry and its customer base.
iAccel Gulf Business Incubator (iAGBI), a prominent incubator based in Dubai, has announced its incorporation with ERB, a dynamic B2B2C Fintech financing broker catering to BFSI industry. The strategic alliance is poised to bring about an era of innovation and growth, aligning with Dubai’s D33 vision of becoming a global fintech hub.
With Dubai at the epicenter of fintech innovation, attracting substantial investments and growing at an unprecedented pace, the collaboration between iAGBI and ERB signifies a pivotal moment in the UAE’s financial evolution. iAccel GBI, a catalyst between the India-UAE Startup Corridor, is committed to identifying, enabling, and nurturing fintech startups across the UAE. Operating under Dubai SME, iAccel GBI, a part of DET (Department of Economy and Tourism) collaborates with different stakeholders across the UAE to propel the digital transformation of the financial sector.
Speaking about the incorporation, Deepak Ahuja, CEO & Co-Founder of iAccel Gulf Business Incubator said, “The UAE has consistently maintained a forward-thinking approach, readily embracing cutting-edge technologies. Given its business-friendly climate, we anticipate substantial growth in the UAE’s emergence as a fintech startup and entrepreneurial hub. I am certain that with innovative fintech concepts like ERB entering the scene, it will increase collaboration between the Indian and UAE startup ecosystems, while providing a robust platform for the seamless exchange of financial products in the B2B2C realm.”
As policymakers and industry leaders take a proactive approach to create an enabling ecosystem for fintech innovation, the financial sector in Dubai has now become a key driver of the emirate’s economy, contributing up to 10% of its GDP. This growth has been instrumental in attracting foreign investments, supporting the growth of MSMEs and promoting entrepreneurship.
“At iAccel GBI, 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,” said Shalabh Jakhetia, Managing Partner & COO, iAccel Gulf Business Incubator.
ERB’s technology is set to bridge the gaps between the UAE’s BFSI (Banking, Financial Services, and Insurance) industry and its customers. By providing 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.
Speaking about the expansion of ERB in UAE, Manish Aggarwal, Founder & CEO, ERB Fintech Finance Broker said, “As a startup, our vision in the UAE is fuelled 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 through 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. The incorporation 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.
