DIFC and Mastercard partner to drive Fintech innovation in the Middle East
Dubai International Financial Center (DIFC), the global financial center in the Middle East, Africa and South Asia region, has signed a strategic cooperation agreement with MasterCard to drive digital transformation in the fintech sector through innovative partnerships.
The partnership will also give fintech startups and established companies access to Mastercard’s extensive network and expertise, along with the DIFC’s financial ecosystem. The collaboration will focus on creating new payment solutions and digital services and at the same time improving existing ones.
The DIFC’s first global venture studio, DIFC Launchpad, aims to accelerate the growth of the UAE’s financial ecosystem and enable venture studios to scale from the DIFC, serving as a business enabler for them.
The DIFC Launchpad program aims to support the launch of over 200 new businesses, including more than 100 scale-ups, with the potential to create over 8,000 new jobs and attract over $544 million in venture capital.
Mastercard’s global mission
Mastercard’s mission is to connect and drive an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, easy, smart and accessible. With connections across more than 210 countries and territories, Mastercard is building a sustainable world that opens up invaluable opportunities for all.
The partnership between DIFC and Mastercard will equip the fintech sector in the Middle East with the necessary tools and resources to drive innovation and growth in the region’s digital economy. This collaboration has the potential to generate significant benefits for the sector.
“The cooperation between fintech companies and established players will enable us to drive digital transformation,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, MasterCard. “We are delighted to participate in DIFC’s programs to accelerate innovation in the fintech sector with the aim of growing the country’s digital economy.”
Furthermore, Mohammad Alblooshi, head of the DIFC Innovation Hub, underlined DIFC’s dedication to promoting innovation and growth in the fintech sector, highlighting that the strategic partnership with Mastercard demonstrates this commitment.
“By leveraging Mastercard’s expertise and network, we can empower fintech startups and established companies to create new payment solutions and digital services that improve the region’s financial ecosystem.
“Together, we aim to fast-track the growth of the UAE’s financial sector and serve as a business enabler for venture studios, bringing significant benefits to the fintech sector in the Middle East.”
