DIFC FinTech Hive continues to reshape financial innovation

Business Bureau, Gulf Today

Dubai International Financial Centre (DIFC), the leading financial hub in the Middle East, Africa and South Asia (MEASA) and home to the largest, most developed FinTech ecosystem in the region, has continued to garner global recognition for DIFC FinTech Hive, the region’s leading financial revolution accelerator.

DIFC FinTech Hive has been awarded Best Financial Innovation Lab - Dubai by Global Finance magazine, acknowledging the efforts of the Centre in creating a collaborative environment which empowers start-ups and second-stage FinTech companies to deliver breakthrough concepts in financial services.  The Centre’s efforts, aligned with Dubai Plan 2021 and its own growth strategy, which will see the DIFC triple in size by 2024.    

The prestigious award presented during a ceremony recently in Dubai recognised DIFC FinTech Hive for its efforts in enabling start-ups and emerging technology leaders to develop revolutionary solutions to resolve financial sector challenges. The award highlights the Centre’s sustained efforts to transform the region’s FinTech ecosystem and drive sustainable economic growth.  DIFC FinTech Hive was amongst 25 financial innovation labs across the globe, and the only accelerator in the Middle East, to receive the accolade.  The award reinforced DIFC’s position amongst its global peers, including hubs in London, Frankfurt, New York, Singapore and Hong Kong.

The recognition by Global Finance’s editorial board of sector specialists and business commentators has been greeted by DIFC as testament to the vast potential of financial technology to deliver breakthrough benefits, ignite economies and unlock growth.  The inclusion of DIFC FinTech Hive as a Top 25 Financial Innovation Lab further bolsters the global status of DIFC as a pioneering business hub and supports Dubai’s recent ranking as the seventh FinTech location globally for Economic Potential, by fDi Markets – The Financial Times and as a top 10 FinTech hub by Financial Times Group’s The Banker.

Commenting on the award, Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive, said: “This award highlights the role of DIFC FinTech Hive, as part of the Centre’s broader FinTech ecosystem, in creating a collaborative environment that encourages, supports and empowers the business leaders of the future to create ground-breaking technology and deliver new financial solutions. The Centre is a pivotal hub driving innovation, delivering financial sector solutions and facilitating new pathways for growth. The DIFC has been actively working towards supporting and expediting growth in this area by developing our cutting-edge digital infrastructure and enhancing our already attractive FinTech ecosystem which allows entrepreneurs access to new opportunities and enables innovation to thrive. This award further underscores the potential of the region and the strong promise of DIFC as the destination generating exponential growth”.

The significant emphasis on FinTech and innovation is part of the Centre’s continued efforts to shape the future of finance in MEASA region. The DIFC has seen a marked increase in the number of firms that make up its dynamic FinTech ecosystem, which more than doubled in size from over 80 to 200 companies during the first six months of 2019.

DIFC FinTech Hive continues to grow in momentum and recently announced the commencement of the 2019 edition of its accelerator programme. The third edition of the programme which launched in early September 2019, received an overwhelming response of more than 425 applications from across the world, including Asia, Europe, North Africa and the Middle East with a broader scope to include FinTech, InsurTech, RegTech and Islamic FinTech.

Supported by the Centre’s efforts in the FinTech space, Dubai continues to be recognised on the global stage as a dynamic business environment where innovation thrives, having also been named a top ten FinTech hub by FT’s The Banker and the leading FinTech location for the future in the region, for its economic potential. DIFC offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulatory and judicial system, a global financial exchange, access to funding, a dynamic and enabling sector environment, complemented by a diverse and cosmopolitan talent pool and a vibrant business community

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of USD 7.7 trillion.