DUBAI – Dubai continues to strengthen its reputation as a global hub for FinTech and innovation ahead of the Dubai FinTech Summit taking place on 8 and 9 May this year under the patronage of HH 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 Center (DIFC). During 2022, investment in DIFC’s FinTech and innovation community exceeded USD 615 million, and the total number of active firms in the sector grew by 36 percent to 686.
The fintech and innovation sector in the Middle East, Africa and South Asia (MEASA) region is growing at pace with a market value projected to double from USD 135.9 billion in 2021 to USD 266.9 billion in 2027 according to DIFC FinTech Hives 2022 FinTech Report.
The Dubai FinTech Summit will provide the perfect environment to connect start-ups, investors and industry leaders who are taking advantage of this opportunity as they advance in the region and beyond.
Hosted 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 influencing the future of finance – from web 3.0, Metaverse and Blockchain for decentralized finance, regulation and policy-making, and the greater need for increased financial inclusion. Visitors will also be able to meet more than 100 FinTech exhibitors and join a range of panels and fireside chats. Dubai FinTech Summit will take place at Madinat Jumeirah in Dubai.
The event will host renowned local voices 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 includes Bill Winters, CEO 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.
Currently home to 60 percent of all FinTech companies based in the GCC, Dubai and the DIFC are recognized as a global center for innovation, with their unique ecosystem and comprehensive approach to business, driving not only the future of finance, but increasingly the future economy. According to MAGNITT, FinTech startups in MENA recorded a 183 percent year-on-year growth in funding in 2021.
Mohammad Alblooshi, head of the DIFC Innovation Hub and FinTech Hive, highlights the impact of the growing FinTech sector in the region: “Demand for FinTech services has grown significantly in recent years, driven by digital technologies and innovation across sectors. In recent years, DIFC has successfully cemented its position as the finance and innovation center 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 am confident that the Dubai FinTech Summit, organized by the DIFC, will soon become the premier platform that will allow us to capture the industry’s attention and fulfill our vision of making Dubai a new home for the future of FinTech and finance.”
“Dubai’s work in the digital asset space in recent years has been nothing short of remarkable. The government’s collaborative approach with 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 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, CEO of Citi Ventures, added: “FinTech is one of the most exciting industries in technology and banking. Trends such as digitization, open banking, embedded finance, financial inclusion, democratization of investment, modernization of the core banking stack and the rise of the creator and shared economies are driving disruption and economic progress, worldwide. I’m excited to further explore these and other innovations we’re seeing across the industry as part of this exciting summit.”
