Frequently Asked Questions
Below you’ll find the answers to the questions we get asked the most about applying to AB Accelerator Program.
AB Xelerate is the focal point of innovation within Arab Bank with a clearly defined role: we accelerate the integration of startup solutions within Arab Bank’s operations.
We expedite Arab Bank’s adoption of emerging technology that enhance, improve, and reimagine the way we serve our clients. Simultaneously, we help startups scale, localize, and become more enterprise ready.
AB Xelerate main co-working space is located at Arab Bank headquarters in Amman, Jordan. In addition, to new Hubs opening up in Dubai and Egypt.
At AB Xelerate, we work with startups to accelerate their product validation and commercialization through granting them access to customers and markets within Arab Bank footprint.
We provide startups with:
Access to highly specialized domain expertise and feedback
Access to decision makers across Arab Bank’s network, 20 countries globally
Access to Arab Bank customers, retail and corporate
Expedited process to engage with Arab Bank business units
Opportunity to develop and conduct a proof of concept or a pilot with Arab Bank
Opportunity to become a strategic partner in the digital transformation of Arab Bank globally
Access to dedicated resources and sponsoring team that support the startup product validation with Arab Bank
Designated workspace at Arab Bank Innovation Hubs
Eligibility for an investment by Arab Bank Xelerate
Startups that have a product ready in the market and that provide disruptive value-added solutions for the financial industry. Startups that are seeking to scale through partnering with a financial corporation would benefit the most from the AB Accelerator program.
AB Accelerator’s program is focused on helping startups commercialize and validate their product. As such, to ensure partnership generates real value for all involved, each program is tailored to fit each startup unique offering and product.
This is not a standalone program with Arab Bank name on it. The program is embedded in our organization and connected to Arab Bank business units and affiliate institutions. Each startup that is admitted into our program addresses a problem statement or a strategic goal for our business and control units. The startup is then engaged in a proof of concept or a pilot with Arab Bank.
Furthermore, our program is virtual, which allows startups working with AB Accelerator to continue to focus on their strategic roadmap while engaged in our program.
They are an integral part of the process from vetting the startups for pre-investment. Furthermore, sponsoring startups to ensure success throughout the Proof of Concept development.
No, the business unit are assigned as sponsors of the product from the initial stages. However, the units are not obligated to adopt the product into pilot, it really depends on outcome of the POC.
Successful companies, in AB Accelerator's experience, come in many different shapes and sizes, but have a few attributes in common at the early stage, these include: strong founding team, excellent technology stack, unique understanding of stakeholder’s needs that manifests in the product that they have created.
The fundamental question is whether a startup is ready to scale with enterprise level customers. If a startup does not have a product deployed and ready to put in the hands of customers, then it is too early for our program.
Startups that benefit the most from our program have at least developed product with trails of customer feedback. By the same token, startups that have reached the later stages of development benefit less from our program. Typically, startups that we work with are in the Seed-Series A stage of funding with at least a proof of concept or a pilot conducted.
AB Accelerator is looking to partner with startups that have the potential to improve our business processes, our customer relationships, and our infrastructure. We look for products that address a pain point or a strategic goal of our business and control units and that would add value to the banking ecosystem.
Some of the areas that are of interest to us are:
AB Accelerator focuses on unique tech-enabled products that have potential to transform our business.
AB Accelerator is not committed to using any one technology over another. However, we believe the following technologies are enablers of disruptive innovation:
Artificial Intelligence
Open Banking APIs
Advanced Analytics
Blockchain, Distributed Ledger Technology (DLT)
Yes. We believe fast-growing startups can be born anywhere in the world. The most important admission criteria is the value your business delivers, not your location.
Therefore, relocation is not a requirement. However, to leverage the value of our partnerships it’s important that the startup operates or looks to target a country where Arab Bank has a footprint. Arab Bank website
You can apply to AB Accelerator program through the following link.
We promise you to get back to you within one week with an answer about whether your application will move to the next step or not. The process to get to a final approval is, however, unique to each startup and the business unit they will be most closely working with.
Upon reviewing your application, we will let you know if an introductory meeting with AB Accelerator team is appropriate. Typically, this meeting is followed by a deep-dive meeting also with AB Accelerator’s team. After that, AB Accelerators’s team makes the decision whether to introduce the startup solution to the business unit or not. Introduction to the business units and stakeholders may happen over multiple meetings, after which a decision is made by the business unit on whether to proceed with testing the startup solution, via a pilot or POC, or not.
All interviews are conducted virtually.
Business and control units are one of AB Accelerator’s main stakeholders. They are an integral part of the review process and their evaluation and feedback are key for moving forward with a startup.
Furthermore, once a startup has been chosen to test with, business units form the sponsoring team that supports the startups to ensure the success of the proof of concept. They also evaluate the proof of concept outcomes.
Assess the viability of a software product for solving a particular business need in sandbox environment before moving into pilot.
AB Accelerator program runs on rolling basis.
AB Accelerator aims to validate the value proposition of the startup solution as soon as possible. As such, we expect a POC to be delivered and evaluated in less than 6 months.
We do not require startups to relocate for our program. As such, we work to ensure we do as much of the work as possible virtually.
