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Dubai International Financial Center (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, has signed a strategic partnership agreement with Mastercard to drive digital transformation through partnerships with innovative fintech companies.
The partnership between DIFC and Mastercard will provide fintech start-ups and established companies with access to Mastercard’s network and expertise as well as DIFC’s world-class financial ecosystem.
The collaboration will focus on creating new payment solutions and digital services, as well as enhancing existing ones.
“At Mastercard, we are committed to driving innovation through collaboration between different players in the financial ecosystem. Collaboration between fintech companies and established enterprises will allow us to drive digital transformation. We are excited to participate in DIFC’s initiative, to accelerate innovation in the fintech sector to boost the country’s digital economy,” said Amnah Ajmal, Executive Vice President, EEMEA Market Development, Mastercard.
Mastercard’s partnership with DIFC supports the aim of the financial hub’s first global venture capital studio – DIFC Launchpad – to accelerate the development of the UAE’s financial ecosystem and act as a business enabler for venture capital studios, enabling them to grow from DIFC, Ajmal noted .
The venture studio builds start-ups, taking them from concept to launch, while providing funding and mentoring throughout the incubation period. They also help startups leverage internal capabilities and external networks to grow, he added.
The DIFC Launchpad program is expected to support the launch of more than 200 new businesses, of which more than 100 are scaling up, which together will create more than 8,000 new jobs and attract more than $544 million in venture capital.
Mohammad Alblooshi, Head of Innovation Center at DIFC, said: “We are committed to fostering innovation and growth in the fintech space, as evidenced by our strategic partnership with Mastercard. By leveraging Mastercard’s expertise and network, we can get fintech started. -ups and established players to create new payment solutions and digital services to enhance the financial ecosystem in the region.”
He added: “Together, our aim is to accelerate the development of the UAE’s financial sector and become a business enabler for venture capital studios, bringing great benefits to the fintech industry in the Middle East.”
The collaboration between DIFC and Mastercard is expected to bring significant benefits to the Middle East’s fintech industry, providing them with the tools and resources they need to drive innovation and growth in the region’s digital economy. –trade arab news agency
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