Dubai continues to solidify its reputation as a global hub for fintech and innovation ahead of Dubai FinTech Summit, taking place on May 8 and 9 this year under the patronage of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister 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 pace with a market value forecasted to double in size, from $135.9 billion in 2021 to $266.9 billion in 2027, according to DIFC FinTech Hive’s 2022 report. The Dubai FinTech Summit will provide the perfect environment for connecting startups, investors and industry leaders that are tapping into this opportunity as they advance in the region and beyond.
Organized by DIFC, the leading international financial hub in the MEASA region, the summit will bring together 5,000 global fintech and tech experts to discuss innovations and challenges in the sector, as well as spotlight all things impacting the future of finance — from Web3, the Metaverse and blockchain to decentralized finance, regulation, policymaking, and the greater need for increased financial inclusivity. Visitors will also be able to meet more than 100 fintech exhibitors and join a series of panels and fireside chats. The Dubai FinTech Summit will take place at Madinat Jumeirah in Dubai.
The event will host esteemed local voices such as UAE Minister of Economy Abdullah Bin Touq Al Marri and DIFC Governor Essa Kazim. The impressive roster of speakers at the summit include Bill Winters, group 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 being recognized as a global center for innovation, with its unique ecosystem and comprehensive approach to business driving not only the future of finance but the future economy. As per MAGNiTT, fintech startups in MENA recorded a 183% year-on-year growth in funding in 2021.
Highlighting the impact of the growing fintech sector in the region, Mohammad Alblooshi, head of DIFC’s 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. 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, globalplayers and unicorns to set up base in the Emirate.”
“I’m confident that the Dubai FinTech Summit, organized by DIFC, will soon become the premier platform allowing us to capture the industry’s attention and fulfill our vision of making Dubai a new home for the future of fintech and finance.”
Also commenting on the matter, Fireblocks CEO Michael Shaulov said:
“Dubai’s work in the digital asset space in the last few years has been nothing short of remarkable. The government’s collaborative approach with the 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 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.”
Visitors can now purchase tickets for the Dubai FinTech Summit, with early bird prices available till March 15, 2023.
Dubai International Financial Center Authority
Rasha Mezher — Consultant at marketing and corporate communications
Nupur Aswani — head of media, PR and corporate communications