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Tuesday, May 30, 2023

Investment in DIFC fintechs surges ahead of summit

With over $615 million invested in the Dubai International Financial Center (DIFC) fintech and innovation community in 2022, Dubai continues to cement its reputation as a global fintech and innovation hub.

The total number of active companies in the sector rose 36% to 686 ahead of the Dubai Fintech Summit, which took place on May 8-9.

The fintech and innovation industry in the Middle East, Africa and South Asia (MEASA) region is growing rapidly, with the market value expected to double from $135.9 billion in 2021 to $266.9 billion in 2027, according to DIFC FinTech Hive’s 2022 FinTech Report Dollar.

perfect environment

The Dubai Fintech Summit will provide the perfect environment for start-ups, investors and industry leaders to seize this opportunity as it grows in the region and beyond.

Organized by DIFC, the (MEASA) region’s leading international financial center, the summit will bring together 5,000 global fintech and technology experts to discuss innovations and challenges in the industry and spotlight all things shaping the future of finance – from Web 3.0, Metaverse and Blockchain Blockchain has a greater need for decentralized finance, regulation and policymaking, and greater financial inclusion. Visitors will also be able to meet more than 100 fintech exhibitors and participate in a series of panels and fireside chats. The Dubai Fintech Summit will be held at Madinat Jumeirah in Dubai.

The event will feature speeches from prominent local personalities such as Abdullah Bin Touq Al Marri, UAE Minister of Economy, and Essa Kazim, Governor of DIFC. The impressive list of speakers at the summit included Bill Winters, CEO of Standard Chartered Bank Group; Brad Garlinghouse, CEO of Ripple; Melissa Guzy, co-founder and managing partner of Arbor Ventures; and Michael Shaulov, CEO of Fireblocks; outside.

innovation center

With 60% of GCC fintech companies currently based in Dubai and DIFC, they are recognized as global innovation hubs, with their unique ecosystems and comprehensive business approaches not only driving the future of finance, but increasingly Promote the future economy in many places. According to MAGNITT data, in 2021, financing of fintech startups in the Middle East and North Africa will increase by 183% year-on-year.

Mohammad Alblooshi, Head of DIFC Innovation Hub and FinTech Hive, highlighted the impact of the region’s growing fintech industry: “Demand for fintech services has grown significantly over the past few years, driven by digital technologies and innovation across industries. , DIFC has successfully cemented its position as the financial and innovation hub of the MEASA region by providing the most comprehensive fintech and venture capital environment. In line with its vision to drive the future of finance, DIFC serves start-ups, global corporations and unicorns in Having a base in Dubai creates lucrative opportunities.”

He added: “I am confident that the Dubai Fintech Summit, organized by DIFC, will soon become the premier platform enabling us to capture the attention of the industry and realize our vision of making Dubai the new home of fintech and finance of the future.”

digital asset space

“Dubai has done an excellent job in the digital asset space over the past few years. The government-industry approach has attracted some of the most dynamic and innovative companies in the digital asset space, cementing its position as a leading fintech hub and ensuring Its future economic development. 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 of secure digital asset infrastructure company Fireblocks.

Luis Valdich, Managing Director of Citi Ventures, added: “Fintech is one of the most exciting sectors in technology and banking. Digitization, open banking, embedded finance, financial inclusion, democratization of investment, modernization of core banking systems and creating Trends such as the emergence of entrants and the sharing economy are driving disruption and economic progress around the world. As part of this exciting summit, I am excited to further explore these and other innovations we are seeing across the industry.”

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 DIFC. — trade arab news agency

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