Dubai's reputation continues to grow as a global hub for fintech and innovation ahead of the dubai fintech summit taking place on 8 and 9 may this year under the patronage of his highness sheikh maktoum bin mohammed bin rashid al maktoum, Dubai's deputy governor; Vice Prime Minister and Finance Minister for the United Arab Emirates; and Chairman of Dubai's International Financial Centre. In 2022, investments in fintech and difc's innovation community surpassed $615 million and the total number of businesses active in the sector grew 36% to 686.
Fintech and Middle Eastern innovation, africa and south asia (measa) region is growing at pace with a market value forecasted to double in size from usd135.9 bn in 2021 to usd266.9 bn in 2027 according to difc fintech hive’s 2022 fintech report. The Dubai Fintech Summit will provide the ideal environment to connect startups, investors and industry leaders by taking advantage of this opportunity as they progress through the region and beyond.
Difc-orchestrated, the region's number one international financial centre (measa), The summit will bring together 5,000 global fintech and technology experts to discuss the industry's innovations and challenges, and highlight anything that impacts the future of finance – starting with Web 3.0, metaverse and blockchain in distributed finance, regulating and developing policy, and an increased need for fiscal inclusion. Visitors will also meet more than 100 fintech exhibitors and participate in a series of panel discussions and fireside talks. The summit of Dubai Fintech will take place in Madinat Jumeirah in Dubai.
The event will welcome valued local voices such as h.e. abdullah bin touq al marri, uae minister of economics and h.e. essa kazim, governor of difc. The impressive roster of speakers at the summit include Bill Winters, Group Chief Executive of Standard Chartered PLC; Brad Garlinghouse, CEO of Ripple; Melissa Guzy, Co-Founder and Managing Partner of Arbor Ventures; and Michael Shaulov, CEO of Fireblocks; among others.
Currently houses 60% of all fintech businesses based in the gcc, Dubai and difc are known as a global innovation hub, thanks to its unique ecosystem and its holistic business approach, the future of the financial sector and, increasingly, the economy of tomorrow. Overall, fintech start-ups in the Mena region grew 183% in 2021 compared to a year earlier.
Highlighting the impact of the growing FinTech sector in the region, Mohammad Alblooshi, Head of DIFC Innovation Hub and FinTech Hive said: “The demand for FinTech services has grown significantly in the last few years, powered by digital technologies and innovation across sectors. Over the last few years, difc has been able to consolidate its position as a financial and innovation centre in the Measa region by providing the most comprehensive fintech and venture capital environments. In accordance with its vision of the future of finance, DIFC has created lucrative opportunities for start-ups, global actors and unicorns to establish a base in the Emirate."
He continued: "I am convinced that the FinTech Summit in Dubai, hosted by the IDTC, will soon become the leading platform for us to capture industry attention and achieve our vision of Dubai as a new home for the future of FinTech and finance.”
In recent years, Dubai's work on digital assets has been simply outstanding. The government's approach to working with industry has attracted some of the most dynamic and innovative businesses in the digital asset space, strengthen its position as a leading financial technology centre and ensure its 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,” said Michael Shaulov, CEO, Fireblocks – a secure digital asset infrastructure company.
Luis Valdich, Managing Director at Citi Ventures added, “FinTech is one of the most exciting industries in tech and banking alike. Tendencies such as digitalization, open banking, embedded finance, financial inclusion, democratizing investment, modernizing the banking core, and the emergence of the creative economy and the shared economy is at the origin of economic upheaval and progress, worldwide. I am pleased to further explore these innovations and others that we are seeing throughout the industry at this exciting summit."
Visitors can now purchase tickets for the Dubai FinTech Summit, with early bird prices available till 15 March 2023.