Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa, and South Asia (MEASA) region, has recently signed a strategic collaboration agreement with Mastercard that aims to drive digital transformation through partnerships with innovative FinTech companies.
Industrial sources added that the partnership between DIFC and Mastercard will provide FinTech start-ups and established companies with 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 enhancing existing ones.
Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard stated “At Mastercard, we are committed to driving innovation through collaboration between different players in the financial ecosystem. The collaboration between FinTech companies and established players would enable us to drive digital transformation. We are delighted to participate in DIFC’s programs to accelerate innovation in the financial technology sector with the aim of boosting the country’s digital economy.”
Mohammad Alblooshi, Head of Innovation Hub at DIFC, stated: “At DIFC, we are committed to fostering innovation and growth in the FinTech sector, and our strategic collaboration with Mastercard is a testament to 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 enhance the region’s financial ecosystem. Together, we aim to fast-track the growth of the UAE’s financial sector and serve as a business enabler for venture studios, bringing about significant benefits to the FinTech sector in the Middle East.”
Industry sources further added that the DIFC Launchpad program expects to support the launch of more than 200 new ventures, 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.
Industry sources were quick to confirm that the partnership between DIFC and Mastercard is expected to bring about 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.
