Mastercard has signed a memorandum of understanding (MoU) with Hub71, a tech ecosystem in the UAE that houses global fintech startups and technology companies.

Hub71 is the flagship initiative of Abu Dhabi’s AED50bn ($13.61bn) accelerator programme Ghadan 21 to boost the economic agenda of the country and allow companies to thrive.

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Hub71 will help scoop the relevant startups that can join Mastercard’s startup engagement programme, Start Path.

The partnership is aimed at accelerating fintech innovation in the startup community housed in Hub71 in the UAE.

The MoU is expected to provide an opportunity for fintech startups to work together leveraging each other’s strengths and boost their capabilities.

Commenting on the partnership, Hub71 Interim CEO Ibrahim Ajami said: “We will develop a unique mentorship programme for Hub71’s fintech startups that helps them tap into both regional and global market opportunities, as well as technical and industry insights.

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“This partnership highlights the evolution of Abu Dhabi’s tech ecosystem for innovative startups.”

Mastercard’s Start Path programme brings together a global network of innovators to shape the future of commerce.

The fintech startups will be empowered with the knowledge of the global network of Mastercard experts, technologies and channels.

More than 200 technology startups are already a part of the programme and have collectively bagged $2.6bn in investment.

Mastercard Middle East and Africa digital payments & labs SVP Gaurang Shah said: “We are constantly seeking new ways to reinforce technology and through this collaboration, we can establish some of the unique solutions these fintech startups have to offer.

“Mastercard is keen to work with Hub71’s global community of innovators, to support them early on and throughout their journey.”