Emirates News Agency – Maktoum bin Mohammed opens the first Dubai FinTech Summit
DUBAI, 8 May 2023 (WAM) — HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and President of the Dubai International Financial Center (DIFC), today opened the first Dubai FinTech Summit . The two-day summit is hosted by the DIFC, the leading international financial hub in the Middle East, Africa and South Asia (MEASA).
Held at Madinat Jumeirah from May 8-9, the two-day event, themed “New Global Home to the Future of FinTech and Finance”, has 5,000 global industry leaders including global decision makers, C-suite executives, entrepreneurs, investors and delegates. The summit has brought together over 100 exhibitors, 120 speakers and delegates representing over 50 countries.
HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said: “The participation of international industry leaders and top talent from around the world in the summit demonstrates Dubai’s role as a key driver of innovation and next-generation technologies in the region’s financial sector. With Dubai offering one of the world’s best ecosystems for fostering the growth of FinTech innovation, it has become one of the leading hubs for driving value creation in the sector. The summit will reinforce Dubai’s emerging role in shaping the future of the global FinTech landscape. I am confident that the first Dubai FinTech The summit will also promote more cross-border cooperation between the public and private sectors, while offering a strong platform for FinTech companies to exploit new growth opportunities.”
The opening address at the summit was delivered by His Excellency Essa Kazim, Governor, DIFC, who said: “DIFC has become an important growth engine for Dubai’s economy and a significant contributor to GDP. Having grown exponentially over the past 10 years, DIFC now contributes around 6% of Dubai’s GDP. DIFC continues to enhance its ecosystem to further accelerate innovation, testing, investment and growth. Dubai and the DIFC have invested heavily in their FinTech ecosystem by creating a supportive and flexible regulatory framework, which provides access to funding, sandbox environments and resources for both start-ups and established companies. Furthermore, the Dubai FinTech Summit presents a unique opportunity for collaboration between traditional financial institutions and FinTech firms, particularly with rapid AI advances driving innovation within the sector.”
With Dubai raising its profile as a global business hub, driven by its strategic location, world-class infrastructure and investor-friendly policies, more and more businesses around the world looking to expand and grow have been drawn to Dubai to take advantage of the opportunities emerging from its diverse economy and support for innovation and excellence. At the heart of Dubai’s thriving business ecosystem is the Dubai International Financial Center (DIFC), which plays an increasingly important role in leading and shaping the future of finance through innovation, sustainability and partnership, and by creating an environment that fosters growth and development. The signing of over 20 MoUs at the Dubai FinTech Summit is further evidence of the city’s role in driving cross-border cooperation.
Arif Amiri, Chief Executive, DIFC Authority, said: “DIFC’s 2030 strategy is anchored around driving the future of finance through cutting-edge technology, innovation and partnerships. The Dubai FinTech Summit is integral to this and provides a unique platform for start-ups, investors and industry leaders, representing over 50 countries, to connect and innovate. FinTech is destined to play a significant role in shaping the financial landscape. The sector is expected to double in size from over $135 billion in 2021 to nearly $270 billion in 2027. Dubai is well positioned to lead the way in this exciting and dynamic sector. At DIFC, FinTech and innovation companies have been a key growth driver over the past three years, and have contributed over 27% of the centre’s overall customer growth.”
The first Dubai FinTech Summit gives attendees the opportunity to participate in panel discussions, fireside chats and share ideas on emerging trends, regulatory frameworks and future opportunities. Key themes discussed at the summit include “Building the Economies of the Future”; ‘Crypto and the Evolving Regulatory Framework’; ‘The world of finance: Where are the women?; and “Building a robust and “sustainable financial sector in an age of disruption”.
The first day of the summit saw insightful debates on the topics of startups and investment wealth; Regulation and policy making; Embedded and Open Finance; Digital payments and more.
Day 2 of the summit promises equally lively discussions on the topics of ‘Navigating the New World Order’; ‘How can governments and regulators be the innovators?’; ‘Digital Assets and Web 3.0 – How Closely Are Regulators Following the Innovators?’; and ‘Central Bank Digital Currency: Is This The Future Of Money?’, among others.
Speakers at the summit include His Excellency Abdullah bin Touq Al Marri, UAE Minister of Economy; Bill Winters, CEO of Standard Chartered PLC; Brad Garlinghouse, CEO of Ripple; Piyush Gupta, CEO of DBS Bank Singapore; Jenny Johnson, President and CEO of Franklin Templeton and Brian Armstrong, CEO and co-founder of Coinbase, among others.
