Media ININ Economy We Trust
Dubai 27-08-2019
Dubai International Financial Center (DIFC) continues to implement its plans to diversify and develop the financial services sector at all levels. This continuous focus on fostering innovation in the financial sector will help the DIFC achieve Dubai’s ambitious growth agenda, as well as contribute to the realization of the vision. The economic situation of the State in general and the Emirate of Dubai in particular.
Dubai is ranked 7th in the world in terms of economic potential of financial technology, highlighting the emirate’s efforts to support and accelerate sustainable economic growth. Dubai is the only financial center in the Middle East and Africa to be listed in the “ Top 10 Future Global Financial Technology Hubs in the 2019/2020 Economically Promising Cities Index, ” according to the FDI Intelligence magazine of the Financial Times.
The Dubai International Financial Center (DIFC) welcomed the release of the first edition of this report, published this month, which outlines the enormous contribution of the financial technology sector to the strengthening of economies and sustainable growth of the financial sector. The report ranks in the top ten rankings several key factors, including the regulatory and legal framework, ease of doing business, in addition to the remarkable presence of leading international banks and the presence of a large pool of talent. The index results confirm Dubai World’s position as a leading financial technology center, after the Dubai International Financial Center (DIFC) ranks among the top 10, according to the Financial Times magazine, The Banker.
Global standing.
Arif Amiri, Chief Executive Officer of the DIFC Authority said: “We welcome Dubai’s continued praise as a leading global center for financial technology and innovation. Progress in the world, in addition to supporting our position as one of the world’s leading financial technology systems. ” “Innovation and financial technology are key factors in our strategy to become the most distinguished and global leader in adopting cutting-edge financial technologies. The Financial Center is currently leading the transformation of the financial sector, driving the UAE economy and committing to developing an infrastructure,” he added. Dubai’s ranking as one of the top 10 financial technology centers in terms of economic potential is a compelling demonstration of the emirate’s commitment to continue its strong growth. ” Dubai has a leading global position for embracing a dynamic business environment that allows innovation to continue, as well as the DIFC’s commitment to delivering outstanding business performance in the conventional banking and financial technology sectors. The financial center offers all the elements and advantages that the most successful and advanced financial sector centers in the world usually offer, including the regulatory framework, independent judicial system, global financial exchange, access to finance, as well as a dynamic and supportive environment, accompanied by a thriving business community and Variety of experienced international talent.
DIFC’s ongoing efforts to shape the future of the financial sector in the Middle East, Africa and South Asia are largely based on financial technology and innovation, with the aim of expanding the prospects for growth in the financial services sector. The financial center recorded a significant increase in the number of companies that make up the dynamic financial technology system from 80 to 200 companies in the first six months of 2019, while the number of these companies that obtained licenses doubled from 35 to more than 80 companies in the first half of this year. . The list of financial technology companies registered with the DIFC as their headquarters in the Middle East, Africa and South Asia included Vinergo, headquartered in Dublin, Ireland, and Charles Taylor, the leading provider of technology services to the insurance industry, InsureTech. Funded by Swedish “Vande By Me”.
The DIFC has made significant efforts to enhance access to finance by building and participating in its venture capital system, as well as investing directly in promising financial technology companies. In March 2019, the Center announced the assignment of Middle East Venture Partners and Wamda Capital to manage US $ 10 million of the total value of the DIFC Financial Technology Fund of US $ 100 million.
The Center has received more than 425 applications for the third edition of the VENTEC Hive Business Accelerator Program at the DIFC from startups in the areas of Financial Regulation Services, Islamic Banking Technology, Insurance Technology and various Financial Services Technology fields. This has grown by almost three times as compared to the first edition of the program in 2017, demonstrating the rapid development of the sector across the region. To date, the Center has received more than 50 applications from companies operating in various areas of financial technology, including payment solutions, robotics technology consulting, blockchain technology and “customer recognition” platforms. The first companies are in the growth phase, demonstrating the great interest shown by different startups from over
