- The unique and innovative FinTech lab will be the pinnacle source for aiding in the innovation for the FinTech via the networking as well as the alliance.
- On Tuesday, recently, the Mena-backed payment processing firm and e-commerce major’s payment wing Amazon Payment Services announced the inauguration of the Amazon’s FinTech lab within the DIFC’s Innovation hub.
- This move is in order to assist and fund out the native FinTech Firms.
The Payment, E-Commerce and FinTech major is in pursuit to progressing a programme to operate with the SMEs, start-ups as well as regulators to observe out the prospects regarding the solutions for garnering the payment points.
This initiative will further enhance for upsurging FinTech adoption in the territory by offering a forum for discussing on the digital payments as well as in offering to remove the hurdles clients witness while making the payments, the firm announced a day before.
The inventiveness will assist the DIFC Innovation Hub, which is a steadfast zone for innovators and investors, by assisting the forum for negotiations on digital payments on digital payments and the future of the FinTech industry, the establishment said in a statement on day before.
Omar Soudodi, the Managing Director, stated out that, “The region is going from a frontier stage to an emerging stage of financial technology. Through the Amazon FinTech Lab, we work with innovators and visionaries to turn exciting new ideas and concepts into transformational and disruptive forces in FinTech.”
As well he also added further that; “We are looking to support innovation that will help make the payment experience easier, secure and more affordable for customers.”
The DIFC Innovation Hub, which unlocked the preceding month, is a global FinTech centre that has fascinated hundreds of FinTech start-ups globally. The 7,432-square-metre founding is on Gate Avenue inside the new Dubai Future District.
Arif Amiri, CEO of DIFC Authority stated out that they were observing to power the financial future. He also stated out that; “We welcome Amazon Payment Services’s first FinTech lab in the world at the Innovation Hub in DIFC. By choosing DIFC, Amazon Payment Services has the ideal platform to grow given they are now part of the Middle East, Africa and South Asia’s largest and comprehensive financial, technology and innovation ecosystem.”
Globally, digital payments are poised to progress to $8.26 trillion in 2024, from $4.4tn preceding year, as announced by the research firm Statista. The UAE is among the nation’s principal for this adoption. Two thirds of individuals assume the nation to get converted fully cashless economy by 2030, as by the statistics polled by the Standard Chartered.
A fresh report as released by the US-based TechSci Research also observed out that the UAE mobile wallet marketplace is anticipated to nurture at a compounded annual rate of 24 percent to touch a base of $2.3 billion within the forthcoming year 2022.
The lab of late had a co-creation conference with Value, an Egyptian FinTech establishment, to brand transactions economical for clients in Egypt and beyond, Mr Soudodi stated it out. There are at present more than 300 FinTechs prevailing in the GCC attempting cash digitization hurdles, among others.
The forthcoming few years will be an “exciting time” for FinTech establishments in the territory, as corresponding to Mr Soudodi.
The global payments industry is budding and has grasped a point where clients can make frictionless payments utilizing the voice or biometric palm prints, even without a device, he further stated it out.
The Amazon FinTech Lab will form workshops for start-ups and other the establishments in diverse industries like the e-commerce, insurance and travel to understand any payment disputes they face.
It is also observing to partner with regulators, payment technology firms like the Visa and Mastercard and payment processors.
“We will also mentor and co-create with FinTech companies,” stated Mr Soudodi. “We will be publishing an agenda of activities that will be organized under the Amazon FinTech Lab.”