Mastercard and DIFC to drive digital transformation by partnering with FinTech companies

Mastercard and DIFC to drive digital transformation by partnering with FinTech companies

Dubai International Financial Center (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA), has signed a strategic partnership agreement with Mastercard that aims to drive digital transformation through partnerships with innovative FinTech companies.

The partnership between DIFC and Mastercard will give FinTech start-ups and established companies access to Mastercard’s network and expertise, as well as DIFC’s world-class financial ecosystem. The collaboration will focus on creating new payment solutions and digital services, as well as improving existing ones.

“At Mastercard, we are committed to drive innovation through collaboration between various actors in the financial ecosystem. The collaboration between FinTech companies and established players will enable us to drive digital transformation. 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.” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.

Mastercard’s partnership with the DIFC underpins the objective of the financial hub’s first global Venture Studio – the DIFC Launchpad – which seeks to accelerate the growth of the UAE’s financial ecosystem and serve as a business enabler for venture studios to set up and scale from the DIFC. Venture studios build startups, taking them from concept stage to launch while providing capital and guidance through the incubation period. They also help startups grow by leveraging internal capabilities and external networks.

The DIFC Launchpad program expects to support the launch of more than 200 new businesses, with over 100 of them being scale-ups that will collectively create over 8,000 new jobs and attract over $544 million in venture capital.

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Mohammad Alblooshi, Head of Innovation Hub at DIFC, said: “At DIFC, we are committed to promoting innovation and growth in the FinTech sector, and our strategic partnership with Mastercard is proof of that. By leveraging Mastercard’s expertise and network, we can empower FinTech start-ups and established companies to create new payment solutions and digital services that improve the region’s financial ecosystem. Together, we aim to accelerate 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.”

The collaboration between DIFC and Mastercard is expected to bring significant benefits to the fintech sector in the Middle East, providing them with the tools and resources needed to drive innovation and growth in the region’s digital economy.

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