Second edition of Dubai FinTech Summit set for 6 - 7 May 2024
First edition of Dubai FinTech Summit attracted over 5,300 visitors from 92 countries
Dubai FinTech Summit 2023 saw over 20 MoUs signed with global financial leaders
FinTech giants Ripple and Coinbase announce plans for regional hubs in the UAE
“It’s been reform, invest, and transform,” says Franklin Templeton CEO, Jenny Johnson
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 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.
DIFC to build campus set to attract over 500 AI and Web 3.0 companies, USD 300mn in collective funds and create 3000+ jobs by 2028
Dubai International Financial Centre (DIFC) to launch ‘Dubai AI & Web 3.0 Campus’.
DIFC to build world-class Campus spanning over 100,000 sq. ft. within the DIFC jurisdiction. The facility will be home to state-of-the-art hardware, R&D facilities, accelerator programmes and collaborative workspaces.
‘Dubai AI & Web 3.0 Campus’ will focus on the use of AI and Web 3.0 in the financial services industry.
‘Dubai AI & Web 3.0 Campus’ to attract over USD 300mn in collective funds, 500+ global AI and Web 3.0 start-ups, and create 3000+ jobs by 2028.
‘Dubai AI & Web 3.0 Campus’ is the DIFC Innovation Hub’s latest new venture to be headquartered at DIFC’s new “Innovation One” premises.
Dubai, UAE; 19 June 2023: Under the directives of First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of the Dubai International Financial Centre (DIFC) His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, DIFC, the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, today announced it will build the ‘Dubai AI & Web 3.0 Campus’, the largest cluster of Artificial Intelligence and tech companies in the MENA region.
DIFC is ready and set to build the largest cluster of Artificial Intelligence and tech companies in the MENA region. The Dubai AI & Web 3.0 Campus will open its doors at the DIFC Innovation One premises, with ambitious plans to expand into a dedicated campus spanning over 100,000 sq. ft. in the next 5 years. The Dubai AI & Web 3.0 Campus will focus on the use of AI and Web 3.0 in the financial services industry, it will be home to exceptional teams of visionary entrepreneurs, disruptors and engineers who possess a deep passion for emerging technologies. The Dubai AI & Web 3.0 Campus will provide world-class physical and digital infrastructure including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale AI companies.
His Excellency Essa Kazim, Governor of DIFC, said: “DIFC’s 2030 strategy is central to shaping the future of finance and innovation. AI is expected to inject AED 103bn into the UAE economy by 2035 and contribute 14 per cent to the country’s GDP by the end of the decade. The Dubai AI & Web 3.0 Campus will therefore significantly contribute to this growth as a global nexus for R&D, investment, and innovation, set to attract over USD 300mn in collective funds, 500+ global AI and Web 3.0 start-ups, and create 3000+ jobs by 2028.”
DIFC’s 2030 strategy is centred around driving the future of finance through cutting-edge technology, innovation, and partnerships. DIFC’s Innovation Hub offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulations, innovative accelerator?programmes and funding for growth-stage start-ups. FinTech and Innovation is the fastest growing sector in DIFC with 686 associated firms in the Centre who fund-raised over USD 615mn during 2022.
The Dubai AI & Web 3.0 Campus will act as a catalyst for growth, attracting global innovators, start-ups, and industry leaders to establish a vibrant ecosystem of AI-driven initiatives within the region. AI & Web 3.0 companies will also benefit from a sector-specific dedicated licensing and regulatory framework, in addition to leveraging DIFC unique soft infrastructure.
Arif Amiri, Chief Executive Officer, DIFC Authority, said: “At DIFC we believe that being at the forefront of tech innovation and AI advancement is imperative as we pave the way for a digitally empowered future of finance. The Dubai AI & Web 3.0 Campus will act as a catalyst for growth by attracting global innovators, start-ups, venture capitalists, and industry leaders, as we establish MENA’s largest ecosystem for the AI and Web 3.0 sectors. By nurturing a collaborative environment, the Dubai AI & Web 3.0 Campus will accelerate the development of future-forward technologies and empower organisations to unlock the true potential of AI and Web 3.0.”
DIFC is spearheading the creation of a global ecosystem, the largest in the MENA region for AI and Web 3.0, by fostering cutting-edge technologies and attracting global talent. By seamlessly integrating physical and virtual infrastructures, the Dubai AI & Web 3.0 Campus is on path to emerge as the preferred headquarters for leading AI and Web 3.0 companies and venture capitalists operating in the region.
DIFC plays a critical role in leading and shaping the future of finance through innovation, sustainability, and inclusivity by creating an environment that fosters growth and development. The 33rd edition of the Global Financial Centre Index rankings classifies Dubai as one of only 10 financial centres in the world as a global leader with a broad and deep offering.