Dubai, 21 June 2023: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, today announced the second edition of Dubai FinTech Summit to be held on 6-7 May 2024. Under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance of the UAE, and President of the Dubai International Financial Centre (DIFC), the first edition of the summit concluded with resounding success, with a remarkable turnout of 5,300 visitors from 92 countries.
As the population transitions from cash to digital payment methods, the inaugural Dubai FinTech Summit highlighted the importance of accelerated investment in digital banking services, e-commerce websites, and contactless payments. According to co-host sponsor, Visa, four in five consumers surveyed in the UAE would switch merchants based on the payment methods offered, with most preferring digital payments over cash.
“It’s been incredible to witness the Dubai FinTech Summit succeed in becoming a powerful platform for showcasing innovation, developing meaningful dialogue around the issues and challenges facing our industry and creating engagement on the future of FinTech, all in its maiden edition. We have marked a significant milestone for FinTech in the region, as Dubai emerges as a leading hub for innovation and entrepreneurship,” said Mohammad AlBlooshi, CEO of DIFC Innovation Hub.
“With the industry growing at an unprecedented pace, the 2024 Dubai FinTech Summit will provide an invaluable platform for industry leaders and experts to come together, discuss opportunities, and draw the blueprint that will continue to guide the future of finance,” he added.
A platform for collaboration
Dubai FinTech Summit 2023 saw over 20 MoUs signed with global financial leaders, with DIFC inking 12 MoUs during the Summit alone, with global powerhouses of finance and technology, including Standard Chartered Bank, due to launch digital asset custody services (subject to regulatory approval) to cater to institutional clients globally.
Expansion and growth
Showcasing the significant growth and potential of the FinTech sector in the region, Brad Garlinghouse, CEO of Ripple, a leading crypto solutions provider, announced company’s plans to expand into the region. With 20 per cent of its customers being MENA-based, Ripple is choosing to
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leverage the city’s forward-thinking regulatory framework and ecosystem to open its first regional hub in Dubai at DIFC.
Global crypto exchange, Coinbase, also announced exciting expansion plans, with CEO Brian Armstrong stating the company’s intent to explore the UAE as a prospective hub for its operations in the Middle East, Africa, and Asia.
Sharing insights on the increasing accessibility to smarter technologies, Jenny Johnson, CEO of Franklin Templeton, global leader in asset management, said: “AI is playing a big role in dynamically switching up investment portfolios and banking, (enabling) the ability to enhance tasks such as tax efficiency and delivering customisation in ways traditional banks could never achieve.”
Commenting on the UAE’s vision for economic diversification she added, “It’s been reform, invest, and transform. We have seen reform achieve two things. First, it has attracted human capital and talent. The second are the reforms around capital requirements for foreign ownership. One of the things I appreciate about this region is its generational thinking. It is about how you are diversifying economies to ensure that you are successful for generations to come.”
Speaking on changes in interest rates, Piyush Gupta, Group CEO of DBS Bank, said, “Four to five per cent interest rate environments have not been unusual. The big difference this time around is not the rate of interest, but the pace of change. Normally, the Federal Reserve System (FED) tends to take a couple of years − two to two and a half years to slowly work its way up. This time, a lot of people argued that the FED was behind the curve, and as a consequence, they have to react much more quickly.”
The event was supported by finance and technology company, VISA as co-host sponsor; e& as headline sponsor; Geidea joining as the presenting sponsor; Finvasia, Emirates NBD and Paxos as lead sponsors; BLUE, Standard Chartered Bank, Ripple and Fasset as Platinum Sponsors; atPay, Dubai Financial Market and Commercial Bank of Dubai as Gold Sponsors and Huawei as the Lead Cloud Sponsor.
Dubai FinTech Summit will return in 2024
Looking ahead, the second edition of Dubai FinTech Summit promises greater impact, shaping the future of FinTech in the region. Mark your calendars for 6 and 7 May 2024 and join us once again as we push the boundaries of innovation and drive the FinTech industry forward.
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.
With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai.
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DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 36,000 professionals working across over 4,300 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For further information, please visit our website: difc.ae, or follow us on LinkedIn and Twitter @DIFC. For further enquiries, please contact:
Nupur Aswani
Head – Media, PR and Corporate Communications,
Trescon
+91 95559 15156 | media@tresconglobal.com
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