May 23, 2024

The DIFC alongside MENA FinTech Association enter into an alliance to build up an Innovation Forum

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Dubai's DIFC Centre now houses the FinTech Lab inaugurated by Amazon's Payment Services
Dubai's DIFC Centre now houses the FinTech Lab inaugurated by Amazon's Payment Services

The premier institute in the UAE, the Dubai International Financial Centre has currently partnered alongside the MENA FinTech Association (MFTA) for progression of an innovation forum as well as other related initiatives for advancement of financial technology arena in the territory.

The Chief Executive of the DIFC authority, Arif Amiri, had stated out further that; “We are continuously evaluating the FinTech landscape to identify new opportunities and address emerging challenges. Through our agreement with MFTA, we collaborate to create a roadmap for FinTech entrepreneurs by offering insights on the future of finance.”

As on May 4th 2021, both the premier financing entities will be in charge of progression as well as publishing out an alliance research on diverse set of topics as well as offer varied courses via the DIFC Academy.

The global FinTech trade is thriving, with the Covid-19 pandemic reassuring more industries to deploy latest technologies. In the initial quarter of 2021, FinTech businesses elevated $22.8 billion in new funding – the highest quarter on record and practically double the $11.5bn raised in the same quarter the preceding year, according to CBInsights.

The FinTech segment in the Middle East and Africa (MEA) and Middle East and North African (MENA) territory is anticipated to build up 8 percent of financial services revenue by the subsequent year, powered in by client demand and improved investment, according to a report by Irish technology company Accenture in partnership with Dubai accelerator FinTech Hive.

Founded in 2018, the MFTA is a not-for-profit group set up to characterize the mounting number of FinTech firms in the Middle East and North Africa territory. It has functioned with regulators and policy makers with an overviewed to offering a native voice for the industry.

The partnership with Dubai’s financial free zone includes the groundwork of a DIFC Innovation Panel, an invitation-only cluster whose founder members include Ebury, Checkout, Tarabut Gateway, Coinmena, Ripple, Baraka and Aura Insurance, among others. Its primary task will be to offer advice and leadership on how to progress and build a thriving FinTech ecosystem.

Chairman of the MFTA, Nameer Khan, stated out that; “We are pleased to see the rapid development of our partnership with DIFC … with a primary focus of supporting FinTech businesses across the MENA region.”

He also further added out that; “The collaboration also includes strategic projects with government bodies and regional regulators “to further compliment their work in creating an enabling framework which today plays a key role in the economics of a whole nation.”

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