DIFC registers over 100 fintech firms
Dubai International Financial Centre (DIFC) continues to support the development of the fintech industry, registering more than 100 fintech firms to date.
The figures represent a three-fold growth in registered fintech firms since the end of 2018 and show an increase in firms choosing the international financial hub for the Middle East, Africa and South Asia (MEASA), DIFC as a preferred jurisdiction to scale up a business.
“The significant rise in the number of registered FinTech firms establishing a presence at the Centre highlights our sustained efforts to transform the region’s financial technology ecosystem and drive sustainable economic growth. It is a reflection of our commitment to reinforcing Dubai’s position as one of the world’s top ten FinTech hubs,” says Arif Amiri, Chief Executive Officer of DIFC Authority, “We aim to continue this momentum and growth through our evolving regulatory environment and the quality of collaborators we bring into the DIFC, as our vision of driving the future of finance becomes a reality.”
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In addition, DIFC has seen a significant increase in the number of participants for its dedicated accelerator programmes which has become a first step for many startups wanting to test regional and global markets. DIFC’s FinTech Hive accelerator programme received 425 applications from RegTech, Islamic FinTech, InsurTech as well as broader fintech areas – 42% increase from 2018.
Other feasible and attractive funds for fintech startups include Subsidised licencing options and access to a dedicated US$100mn managed by Middle East Venture Partners (MEVP) and Wamda Capital.
These key features have built a strong marketplace for FinTech companies to grow, expand and experiment with innovation.
( Image source: DIFC)