First Dubai FinTech Summit

May 9, 2023

Dubai is making strides towards becoming a global business hub, with its strategic location, world-class infrastructure, and investor-friendly policies. Recently, the city hosted the inaugural Dubai FinTech Summit from May 8th to 9th, which was hosted by the Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa, and South Asia (MEASA) region. The Summit was inaugurated by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, who holds positions of First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, and serves as the President of DIFC.

Global Industry Leaders Attend Summit

The event gathered a total of 5,000 individuals who are leaders in the global industry, including policymakers, executives in top positions, entrepreneurs, investors, and delegates. Over 100 exhibitors and 120 speakers representing over 50 countries participated in the Summit.

Dubai’s Role in Shaping the Future of FinTech and Finance

Dubai is playing a major role in promoting innovation and cutting-edge technologies in the financial sector of the region. The city provides a favorable ecosystem to foster the growth of FinTech innovation. The DIFC has invested heavily in the FinTech sector by creating a supportive and agile regulatory framework, providing access to funding, sandbox environments, and resources for start-ups and established companies alike.

Dubai’s Contribution to the Financial Sector

The DIFC is a major contributor to Dubai’s economy, contributing approximately 6% of its GDP. The Centre has grown significantly over the last decade, enhancing its ecosystem to accelerate innovation, testing, investment, and growth. Its efforts have created an environment that fosters growth and development, making it a significant contributor to the country’s GDP.

Future of the FinTech Sector

It is predicted that the FinTech industry will become twice its size from over USD 135 billion in 2021 to nearly USD 270 billion in 2027, highlighting its significance in molding the financial industry.

Key Topics at the Dubai FinTech Summit

The Summit’s theme was “New Global Home to the Future of FinTech and Finance.” Some of the key topics discussed at the Summit include:

Building the Economies of the Future
Crypto and the Evolving Regulatory Framework
The World of Finance: Where are the Women?
Building a Resilient and ‘Sustainable Financial Sector in the Age of Disruption

Cross-Border Collaboration

Over 20 MoU agreements were signed at the Dubai FinTech Summit, indicating the city’s contribution to promoting cross-border collaboration. The Summit strengthened Dubai’s growing position in influencing the global FinTech landscape. The Summit reinforced Dubai’s emerging role in shaping the future of the worldwide FinTech landscape. It also fostered more cross-border collaboration between the public and private sectors, offering a strong platform for FinTech firms to tap into new growth opportunities.

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