With investment in Dubai International Financial Centre’s (DIFC) FinTech and innovation community exceeding $615 million in 2022, Dubai continues to solidify its reputation as a global hub for FinTech and Innovation.
Ahead of the Dubai FinTech Summit, taking place from May 8 to 9, the total number of active firms in the sector has grown 36% to 686.
The Fintech and Innovation sector in the Middle East, Africa and South Asia (MEASA) region is growing at pace with market value forecast to double in size from $135.9 billion in 2021 to $266.9 billion in 2027, according to DIFC FinTech Hive’s 2022 FinTech Report.
Perfect environment
The Dubai FinTech Summit will provide the perfect environment for connecting start-ups, investors and industry leaders tapping into this opportunity as they advance in the region and beyond.
Organised by DIFC, the leading international financial hub in the (MEASA) region, the Summit will bring together 5,000 global FinTech and technology experts to discuss innovations and challenges in the sector, as well as spotlight all things impacting the future of finance – from Web 3.0, Metaverse and Blockchain to decentralised finance, regulation and policymaking, and the greater need for increased financial inclusivity. Visitors will also be able to meet more than 100 FinTech exhibitors and join a series of panels and fireside chats. The Dubai FinTech Summit will take place at Madinat Jumeirah in Dubai.
The event will host notable local voices such as Abdullah Bin Touq Al Marri, UAE Minister of Economy and Essa Kazim, Governor of DIFC. The impressive roster of speakers at the summit includes Bill Winters, Group Chief Executive of Standard Chartered PLC; Brad Garlinghouse, CEO of Ripple; Melissa Guzy, Co-Founder and Managing Partner of Arbor Ventures; and Michael Shaulov, CEO of Fireblocks; among others.
Centre of innovation
Currently home to 60% of all FinTech companies based in the GCC, Dubai and DIFC are being recognised as a global centre for innovation, with its unique ecosystem and comprehensive approach to business, driving not only the future of finance but increasingly the future economy. As per MAGNITT, FinTech start-ups in Mena recorded a 183% year-over-year growth in funding in 2021.
Highlighting the impact of the growing FinTech sector in the region, Mohammad Alblooshi, Head of DIFC Innovation Hub and FinTech Hive said: “The demand for FinTech services has grown significantly in the last few years, powered by digital technologies and innovation across sectors. In recent years, DIFC has successfully cemented its position as the finance and innovation hub in the MEASA region by offering the most comprehensive FinTech and venture capital environments. In line with its vision to drive the future of finance, DIFC has created lucrative opportunities for start-ups, global players, and unicorns to set up base in the Emirate.”
He added: “I’m confident that the Dubai FinTech Summit, organised by DIFC, will soon become the premier platform allowing us to capture the industry’s attention and fulfil our vision of making Dubai a new home for the future of FinTech and finance.”
Digital asset space
“Dubai’s work in the digital asset space, in the last few years, has been nothing short of remarkable. The government’s collaborative approach with the industry has drawn some of the most dynamic and innovative companies in the digital asset space to its shores, cementing its position as a leading FinTech hub and securing its economy for the future. Fireblocks is excited to participate in the Dubai FinTech Summit and explore some of the best FinTech solutions from around the world,” said Michael Shaulov, CEO, Fireblocks - a secure digital asset infrastructure company.
Luis Valdich, Managing Director at Citi Ventures added: “FinTech is one of the most exciting industries in tech and banking alike. Trends like digitisation, open banking, embedded finance, financial inclusion, the democratisation of investing, the modernisation of the core banking stack, and the emergence of the creator and shared economies are driving disruption and economic progress, all over the world. I am excited to further explore these and other innovations we are seeing across the industry, as part of this exciting summit.”
The Summit will be held under the patronage of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Deputy Prime Minister and Minister of Finance of the UAE; and President of the Dubai International Financial Centre.-- TradeArabia News Service
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