Dubai FinTech Summit kicks off with focus on latest innovations

The Dubai FinTech Summit kicked off on Monday at Madinat Jumeirah under the patronage of Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of the Dubai International Financial Centre (DIFC).

Organised by DIFC, the Summit brings together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies.

The global FinTech sector is rapidly growing and is predicted to be valued at $608 billion globally by 2029, according to Mordor Intelligence, a market intelligence and advisory firm.

Dubai FinTech Summit offers a platform for start-ups, investors and industry leaders to connect and capitalise on the growing FinTech market in the region and beyond. The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start-ups worth $15.5 billion, according to data by dealroom.co.

The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from over 90 countries including north of 1,000 investors and more than 150 speakers. Over 20 memoranda of understanding were signed with global financial leaders during the Summit.

Meanwhile, Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has announced Chainalysis as a key council member of the Digital Asset Lab. Chainalysis, the blockchain data platform, will join professional services firm PwC, digital asset transfer and direct custody technology platform Fireblocks, and R3, an enterprise Distributed ledger technology platform, as founding council members of the Lab.

Chainalysis’ expertise in blockchain analysis and compliance will strengthen the Digital Asset Lab by contributing to the development of innovative financial products and services that are compliant and secure.

As a national bank known for innovation, Emirates NBD plans to leverage Chainalysis’ analytics and investigative capabilities to further discern market trends and customer needs, while enhancing the integrity of the bank’s digital asset initiatives.

The strategic alliance demonstrates Emirates NBD’s commitment to upholding the highest standards of regulatory compliance in the rapidly evolving digital finance landscape.

Miguel Rio Tinto, Group Chief Digital and Information Officer at Emirates NBD, said: “As a leading local bank that has always been committed to innovation, Emirates NBD is proud to partner with Chainalysis and welcomes the company to the Digital Asset Lab to pave the way for pioneering solutions in the financial sector. By partnering with Chainalysis, the bank aims to provide a more transparent and reliable digital finance environment for customers, thereby fostering greater trust and confidence in the bank’s digital offerings.”

Nicola Buonanno, VP Southern EMEA at Chainalysis, said: “Financial institutions play a pivotal role in sculpting the future of digital assets, offering secure avenues for investor engagement with the right risk mitigation measures. Chainalysis is excited to collaborate with Emirates NBD through its Digital Asset Lab, leveraging its data and solutions to facilitate safe and transparent digital asset services. Together with the Emirates NBD, we aim to forge a resilient financial sector, fostering confidence and further advancing the UAE’s leadership in digital assets innovation.”

The Digital Asset Lab was announced in May 2023 at the Dubai FinTech Summit, with the goal of enabling and accelerating digital asset and financial services innovation in the UAE. As a bank committed to providing customers greater access to a wide range of financial products, Emirates NBD is establishing a robust platform with industry experts for the development of innovative ideas in financial services using digital assets and its underlying technologies.

The Lab focuses purely on digital assets and how underlying technologies can be leveraged to enable customers to effectively manage their financial services requirements in the evolving and dynamic environment of digital assets.

Separately, Dyna.Ai, a leading technology service company headquartered in Singapore, has officially announced its global launch at the Dubai FinTech Summit in Dubai, United Arab Emirates. As part of its multi-market global expansion, Dyna.Ai has also unveiled a range of modern, innovative solutions, for application across multiple industries.

Dyna.Ai operates at the forefront of artificial intelligence (AI) technology to enhance key business functions within financial and other industries. Its solutions are pivotal in elevating marketing, customer acquisition, risk management, and operational productivity.