Tuesday 23 July 2019

DIFC eyes global FinTech hub status

DUBAI, December 8, 2018

Dubai International Financial Centre (DIFC) has made great strides in the FinTech space, cementing the emirate’s position as one of the world’s top 10 FinTech hubs and a preferred growth platform for startups and SMEs, said a senior official.
A leading financial hub in the Middle East, Africa, and South Asia region, DIFC had recently hosted the 6th annual International Finance Corporation (IFC) FinTech CEO Summit.
This is the first time IFC, a member of the World Bank Group, has held the event outside its Washington D.C. headquarters, and gathered close to 200 of the world’s leading CEOs and innovators in the world of FinTech to discuss the latest developments and most critical, strategic issues that are facing the industry today.
The event was hosted by Essa Kazim, Governor of DIFC and during his welcome remarks highlighted that the IFC’s decision to bring the summit to Dubai was testament to the city’s growing significance on the global FinTech stage, driven by the centre’s world-class ecosystem.  
He also reinforced the DIFC’s commitment to FinTech and the sector’s positive impact on the future of financial services in the region.
DIFC Authority CEO Arif Amiri said: "We are pleased be working with the IFC to bring their FinTech CEO Summit to Dubai. It reflects the importance of FinTech sector in region and how it is increasingly becoming a key pillar in the future of financial services."
"The potential that this sector has for greater financial inclusion in the region is unprecedented, and we have taken in it on ourselves at DIFC to ensure that this potential is unlocked. DIFC will continue to work with partners to enhance our ecosystem, allowing for more cohesive innovation and entrepreneurship culture to be instilled across the region," he added.
Paulo de Bolle, the senior director, Financial Institutions Group, IFC, said: “IFC has been investing in the FinTech industry for over a decade, it is a powerful force transforming the financial landscape, opening up new markets, and putting banking and services in the hands of unreached millions worldwide."
"We are delighted to be holding our first overseas IFC FinTech CEO Summit in Dubai, a fantastic crossroads and meeting point for our delegates who have come from a diverse range of companies and countries to share their perspectives, knowledge and experience," he added.
During 2018, the Centre’s world-class FinTech ecosystem has grown to over 80 sector-related companies. 
Companies based in the DIFC benefit from a sophisticated legal and regulatory framework, the largest network of global alliances, and an innovation-friendly environment that make up the region’s most comprehensive FinTech market, said the DIFC in its statement.
Through its various strategic initiatives, DIFC is constantly exploring opportunities to nurture an integrated ecosystem where FinTech, venture capital and incumbent financial firms can grow and thrive collectively, it stated. 
DIFC has made remarkable progress in broadening its focus beyond FinTech to cover the emerging trends of InsurTech, RegTech and Islamic FinTech, and beyond growth stage startups to support early stage disruptive businesses during their incubation period, it added.-TradeArabia News Service

Tags: Dubai International Financial Centre | FinTech hub |

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