Dubai Chamber launches FinTech Business Group
The Dubai Chamber of Commerce has launched a new FinTech and payments focused business group.
The aim of the group is to bring together companies in the FinTech and payments space to encourage collaboration, engage in dialogue and advocate for policy change.
The launch was announced in a press release on Monday (December 26), and is part of the chamber’s plans to increase the number of business groups representing economic sectors and activities in Dubai, so that they properly reflect the emirate’s diverse industries and economic activities. It said the chamber of commerce plans to increase the number of economic sectors and activities represented by business groups to 100 by March 2023.
The new group will sit alongside existing ones such as the currency and remittance group and the insurance group. It is possible for individual companies to be part of several business groups.
Alongside business groups representing various sectors, the Dubai Chamber of Commerce also convenes business councils that fulfill a similar function for the various nationalities represented by businesses operating in the emirate.
The United Arab Emirates (UAE) is generally an increasingly important regional FinTech hub for the Middle East and North Africa (MENA).
That role has emerged as the country’s government works to boost the UAE’s knowledge-based economy and diversify its national industries. These efforts have helped Dubai become a destination for many of the FinTechs shaping the wider MENA ecosystem.
Commenting on the launch of the new business group, Maha Al Gargawi, Managing Director of Business Advocacy at Dubai Chambers said, “Business groups are an important component in creating a supportive, enabling and world-class business environment in Dubai.”
She added that “Through continued transparent discussions, the business group will be able to support key policy changes that will facilitate and simplify doing business in Dubai and cement the emirate’s position as a dynamic and global business hub.”
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