The rise of fintech with DIFC Innovation Hub

Dubai International Financial Centre (DIFC), a financial free zone in the United Arab Emirates, was established in 2004 to provide a platform for financial institutions and businesses to operate in a regulatory environment that meets international standards. DIFC has gone on to become a leading global financial centre in the Middle East, Africa and South Asia and has played a significant role in developing the UAE’s financial services sector.

In recent years, DIFC has put the spotlight on developing the fintech sector in the UAE, establishing several initiatives and partnerships to support the growth of fintech companies in the region. For example, it established the Fintech Hive accelerator programme, which provides mentorship and support to fintech startups in the region. It has already accelerated more than 200 startups to date, which have collectively raised more than $530million.

DIFC also recently announced the launch of its venture building platform ‘DIFC Launchpad’ to accelerate growth of innovative startups and scaleups. DIFC Launchpad expects to support the launch of over 200 new ventures in Dubai, create more than 8,000 new jobs and attract over AED2billion in venture capital as part of the Dubai Economic Agenda (D33) to position Dubai in the top four global financial centres.

“Innovation is at the centre of transformative change,” explains Arif Amiri, CEO, DIFC Authority. “The DIFC Launchpad presents a unique opportunity for entrepreneurs, venture studios and corporations from around the world to access the support and resources they need to grow and succeed, powered by DIFC Innovation Hub. DIFC Launchpad is creating a platform that leverages our unique position in the ecosystem to help members identify and structure impactful partnerships, investments, and co-creation opportunities.”

DIFC’s work in fintech has helped to position the UAE as a leading fintech hub in the Middle East, as well as attracting significant investment in the sector. Additionally, the DIFC’s regulatory framework has helped to create a secure and stable environment for fintechs to operate in.

Mohammad Alblooshi, head of DIFC Innovation Hub & FinTech Hive (right), says: "At the moment, our main focus is on talent, as it's a key requirement for us as we grow and expand the ecosystem. We're also looking at how we can support fintechs in the region to scale up and go global. So, we're working on partnerships and collaborations with other fintech hubs and organisations around the world to provide more opportunities for our fintechs to grow and expand."