WHEN DIFC & TRESCON CONVOLVE
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 DIFC, inaugurated the second edition of the Dubai FinTech Summit at Madinat Jumeirah, Dubai, under the theme ‘Pioneering FinTech’s Future.’ Organized by the Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa, and South Asia (MEASA) region, this year’s summit attracted over 8,000 industry leaders from more than 100 countries.
“The summit aligns with the Dubai Economic Agenda D33’s strategic goal of propelling Dubai into the ranks of the top four global financial hubs by 2033”
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum
Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, UAE
The Dubai FinTech Summit showcased why Dubai stands as a global powerhouse for fintech and innovation. The city offers a unique environment for fintech companies to capitalize on new growth opportunities within this rapidly expanding sector.
- “We have created a dynamic ecosystem for the FinTech industry to thrive, in line with the goal of the Dubai Economic Agenda D33 to establish the emirate as one of the top four financial centres worldwide”
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum
Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, UAE
“Dubai today has the ideal infrastructure and legislation to become the world’s global FinTech hub. The city provides a unique environment for FinTech companies to leverage new growth opportunities in this rapidly growing sector. We have created a dynamic ecosystem for the FinTech industry to thrive, in line with the goal of the Dubai Economic Agenda D33 to establish the emirate as one of the top four financial centres worldwide.”
– 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 DIFC
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum noted that the second edition of the Dubai FinTech Summit highlighted the ongoing transformation of the technology-led financial sector and emphasizes the urgent need to focus on innovation, financial inclusion, and sustainability as integral aspects of modern life. “Through collaboration and partnerships between banks, financial technology companies, and financial services application platforms, Dubai is poised to lead the future of this dynamic sector. By focusing on customer and investor-centric financial and banking services, this will pave the way for significant advancements in the future,” Sheikh Maktoum said.
His Highness added: “The summit will foster rich discussions on the evolving landscape of finance, driven by the transformative forces of artificial intelligence, digital currencies, and innovative technology. Together with industry leaders, we look forward to exploring the positive impact and opportunities inherent in the use of artificial intelligence in financial services, the growing world of digital currencies and blockchain technology. With its progressive policies, innovative regulations and advanced infrastructure, there is no limit to what Dubai can accomplish in the sector.”
The Dubai International Financial Centre (DIFC) and Trescon Global have formed a powerful partnership, working together to drive the growth of Dubai’s fintech ecosystem. DIFC provides the ideal regulatory framework and the vibrant ecosystem for fintech companies to flourish, while Trescon Global’s expertise in hosting high-quality events attracts international fintech players to Dubai. This joint effort not only positions Dubai as a major player in the global fintech landscape but also creates a ripple effect, encouraging further investment and innovation within the city’s fintech sector.
DIFC and Trescon Global work together to foster the growth of Dubai’s fintech ecosystem and solidify its position as a global leader in the industry. DIFC provides a regulatory framework and infrastructure that supports innovation and attracts fintech companies, while Trescon Global organizes events and conferences that bring together industry leaders, investors, and entrepreneurs. By collaborating, DIFC and Trescon Global create a vibrant ecosystem where fintech companies can network, showcase their solutions, and access the resources needed to succeed. Their combined efforts contribute to Dubai’s reputation as a fintech hub and drive the development of innovative financial technologies in the region.
The opening remarks by H.E. ESSA KAZIM – Governor of DIFC,
DIFC’s unprecedented growth over the last 20 years has solidified Dubai’s status as the foremost contributor to the global financial services industry within the Middle East, Africa, and South Asia (MEASA) region.
His Excellency Essa Kazim, Governor at DIFC, said: “DIFC has become a major engine of growth for Dubai’s economy and a significant contributor to its GDP. Its accelerated growth trajectory is perfectly aligned with the goals of the Dubai Economic Agenda, D33 to double the size of Dubai’s economy over the next decade and reinforce its status as one of the world’s top three cities for business and investment. DIFC’s unprecedented growth over the last 20 years consolidates Dubai’s status as the MEASA region’s foremost contributor to the global financial services industry.”
He added, “Through strategic initiatives, we seek to provide a dynamic environment for innovation and enterprise to flourish. Dubai and DIFC have invested heavily in its FinTech ecosystem by creating a supportive and agile regulatory framework, and by providing access to funding, sand-box environments and state-of-the-art infrastructure for start-ups and established companies alike. The Dubai FinTech Summit also presents a unique opportunity for collaboration between traditional financial institutions and FinTech firms, especially with rapid AI advancements driving innovation within the sector.”
Global FinTech Sector Overview
The global FinTech sector is experiencing unprecedented growth, with $100 billion in investment in 2023, a 50% increase from the previous year
There are over 100 FinTech unicorns worldwide with a combined valuation exceeding $500 billion
The convergence of finance and technology is a notable trend, with traditional financial institutions embracing innovations like blockchain, AI, and big data analytics
The global digital payments market is projected to reach $10 trillion in transaction value by 2025, driven by the proliferation of mobile wallets, contactless payments, and digital currencies
Dubai as a Global FinTech Hub
Dubai has rapidly emerged as a global FinTech hub, with $2.3 billion in FinTech funding in 2023
Dubai’s strategic location offers FinTech firms access to a market of over 3 billion people with a combined GDP exceeding $12 trillion
The Dubai International Financial Centre (DIFC) has welcomed over 1,000 FinTech and Innovation firms, which have raised over $3.3 billion in VC funding globally
The true value of the Summit lay in its impact, serving as a launchpad for significant announcements and collaborations that are set to reshape the financial industry. “The Dubai Fintech Summit is not just a gathering, it is a platform for transformative discussions and collective action,” emphaiszed H.E. Essa Kazim, Governor of DIFC.
Attracting over 8,000 participants from 118 countries, the Summit emerged as a vibrant hub for ideas, perspectives, and collaborations among various stakeholders in the global fintech industry. During the two-day event, more than 125 discussions were held, exploring diverse topics in fintech innovation, including regulatory frameworks, investment trends, sustainable finance, and the future of banking.
The success of the Summit was rooted in its ability to foster valuable connections and generate actionable insights. From the outset, participants were encouraged to engage in open discussions, challenge conventional ideas, and collaborate on addressing the most pressing challenges facing the financial industry. Furthermore, the Summit served as a significant testament to the ambitions outlined in the Dubai Economic Agenda D33, which aims to establish the Emirate as a leading global fintech hub by 2033.
The second edition of the Dubai FinTech Summit was supported by over 150 global corporate partners. Visa served as the founding partner and co-host, while Emirates NBD acted as the founding partner and premium banking sponsor. e& was the founding partner and ‘powered by’ sponsor, and Commercial Bank of Dubai participated as the founding partner and strategic banking sponsor.
During his opening remarks at the event, Arif Amiri, CEO of DIFC Authority, highlighted that fintech is poised to secure an additional 5% of global financial service revenues this year. He also projected that by 2030, fintech could drive more than 25% of banking valuations. “Fintech isn’t just reshaping individual financial habits; it is revolutionizing traditional financial institutions,” Amiri added. “Remarkably, global fintech revenues have surged six-fold in recent years. Cryptocurrencies, once niche, have gained mainstream acceptance, propelling their market capitalization past an astonishing US$3 trillion.”
Commenting on DIFC’s role in spearheading this event, Mohammad Alblooshi, CEO of DIFC Innovation Hub, emphasized the Centre’s commitment to fostering innovation and collaboration within the fintech ecosystem. He highlighted that the DIFC is not only a platform for financial services but also a catalyst for technological advancement, positioning Dubai as a leading global hub for fintech. Alblooshi noted the importance of creating an environment that supports startups and encourages partnerships, which is essential for driving growth in the sector. His leadership in organizing events like the Dubai FinTech Summit reflects DIFC’s strategic vision to enhance its reputation and influence in the global fintech landscape. “As the leading global financial center in the MEASA region, DIFC provides a unique platform for the Summit where regional voices are heard, local innovations are showcased, and unique challenges are addressed. We leverage our extensive network and expertise to connect fintech players with regional opportunities and resources. This strengthens Dubai’s role as a gateway, enabling cross-border collaboration and driving fintech innovation across the region and beyond.”
“Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all.”
“The demand for fintech services has grown significantly in the last few years, powered by digital technologies and innovation across sectors,” he explains. “We have an optimistic outlook about the growth of the fintech landscape. It is grounded in the UAE’s continuous efforts to facilitate an innovation-driven economy, supported by state-of-the-art infrastructure, a forward-thinking regulatory environment, and a vibrant ecosystem that encourages entrepreneurial ventures. Increasing adoption of digital payments, the emergence of blockchain technologies, and the growing interest in sustainable and inclusive financial services is driving the next wave of financial solutions.”
“We envision Dubai as a global leader in fintech,” he declares. “Our aim is to continually support innovation, attract top talent and investment, and maintain a cutting-edge regulatory framework. We look forward to delivering an exceptional event that will inspire and empower the fintech community.”
