UAE Exchange and New York University Abu Dhabi (NYUAD) have signed a Memorandum of Understanding (MoU) to advance Fintech (Financial Technology) innovation in the United Arab Emirates (UAE) through startAD, the innovation and entrepreneurship platform anchored at NYU Abu Dhabi. startAD catalyses early stage startups with literacy and tools to develop a scalable, repeatable and efficient venture.
startAD seeks to leverage corporate engagement partnerships as a means to nurture truly innovative startups in the Middle East. Through its ‘Corporate Mentorship program, qualified startups are provided the opportunity to engage with leading corporate entities in the UAE across their respective industries so as to benefit from their expertise to commercialize offerings.
As a ‘Corporate Mentor for Fintech initiatives, UAE Exchange will work closely with NYUAD to equip qualified startups with the necessary domain expertise and market knowledge to validate and test their potential solutions. NYUAD, through the startAD platform, will provide the entrepreneurial expertise and early stage growth support for startups selected for the startAD programs. UAE Exchange will provide the high potential technology driven startups, the requisite support to scale for global impact.
Commenting on the partnership, Promoth Manghat, CEO of UAE Exchange Group said, ‘As a home-grown brand we are committed to the growth of digital innovation and entrepreneurship in the UAE. Our tie-up with NYUAD for the startAD initiative reaffirms this commitment. We see startAD as a platform that will foster a culture of innovation in the UAE and help attract phenomenal talent.
NYUAD Associate Vice Chancellor of Finance and Operations, Peter Christensen said, ‘NYU Abu Dhabi is committed to contributing to the growth of Abu Dhabi beyond traditional higher education. The collaboration between the leading global remittance brand UAE Exchange and startAD will empower the best technology driven startups to scale and create significant impact for Abu Dhabi and the UAE.
NYU Abu Dhabi Vice Provost for Entrepreneurship and Innovation and Managing Director of startAD, Ramesh Jagannathan said that ‘We are excited to partner with a local leader like UAE Exchange to accelerate innovation in the Fintech industry. We invite Fintech startups to apply to the startAD programs and take advantage of the compelling opportunity to be mentored by one of the largest global remittances, foreign exchange and payment solutions leaders in the world.”