Investment is increasing in DIFC’s fintech firms ahead of the Dubai FinTech Summit

by James · March 1, 2023

Dubai continues to strengthen its reputation as a global hub for fintech and innovation ahead of the Dubai FinTech Summit, which takes place on 8 and 9 May this year under the patronage of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister of Dubai. and Minister of Finance of the United Arab Emirates, and President of the Dubai International Financial Center. During 2022, investment in DIFC’s fintech and innovation community exceeded $615 million and the total number of active firms in the sector grew by 36% to 686.

The fintech and innovation sector in the Middle East, Africa and South Asia (MEASA) region is growing at a pace with a market value projected to double in size, from $135.9 billion in 2021 to $266.9 billion in 2027, according to the DIFC FinTech Hive’s 2022 Report . The Dubai FinTech Summit will provide the perfect environment to connect startups, investors and industry leaders who are taking advantage of this opportunity as they advance in the region and beyond.

Organized by the 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 Web3, Metaverse and blockchain to decentralized finance, regulation, 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 number 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 UAE Minister of Economy Abdullah Bin Touq Al Marri and DIFC Governor Essa Kazim. The impressive list of speakers at the summit includes Bill Winters, CEO of Standard Chartered; Brad Garlinghouse, CEO of Ripple; Melissa Guzy, co-founder and managing partner of Arbor Ventures; Michael Shaulov, CEO of Fireblocks; and others.

Currently home to 60% of all fintech companies based in the Gulf Cooperation Council, Dubai and 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 also the future of the economy . According to MAGNiTT, fintech startups in MENA recorded a 183% year-on-year growth in funding in 2021.

Mohammad Alblooshi, Head of DIFC’s Innovation Center 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 hub 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 startups, 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.”

Fireblock CEO Michael Shaulov also commented on the matter:

“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 the 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.”

Visitors can now purchase tickets to the Dubai FinTech Summit, with early bird pricing available until 15 March 2023.