Makkah Lanterns Festival returns for the eighth year as part of Ramadan activities    Saudi Arabia designates methamphetamine-related offenses as major crimes requiring detention Drug users can seek treatment without prosecution under Article 42 of the Narcotics Control Law    Putin sets out conditions for Ukraine ceasefire    Crown Prince receives Yazeed Al-Rajhi after historic Dakar Rally 2025 victory    SR17 million fines slapped on 16 individuals and companies convicted of violating Capital Market Law    Saudi ambassadors take oath before Crown Prince    NCM forecast: Thunderstorms to hit most Saudi regions until Monday    16 endangered species released into AlUla's Protected Areas    Saudi Crown Prince reaffirms support for a political solution to Ukraine crisis in call with Putin Putin praises Saudi Arabia's constructive role and mediation efforts    Saudi Arabia welcomes border agreement between Tajikistan and Kyrgyzstan    Saleh Al-Shehri's late penalty rescues Al Ittihad against Al Riyadh    British car maker recalls 7,000 SUVs over risk of doors flying open    Saudi Arabia meets goals in localizing chia cultivation    Grand Mufti rules against posting prayers and preaching in mosques on social media    Absher carries out over 430 million e-transactions in 2024    Man lives for 100 days with titanium heart in successful new trial    Argentinian court begins trial of seven healthcare professionals over Maradona's death    Al Hilal crushes Pakhtakor to storm into AFC Champions League quarter-finals    Singer Wheesung who wooed Korea with his ballads, found dead at 43    Prince Frederik of Luxembourg dies from rare disease    Real-life shipwreck story wins major book award    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



DIFC registers over 100 fintech firms
Published in The Saudi Gazette on 16 - 09 - 2019

Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, and home to the largest, most developed financial technology ecosystem in the region, marks a significant milestone today having registered more than 100 FinTech firms in the Centre.
The figures reflect a three-fold growth in registered FinTech firms since the end of 2018, intimating a sharp rise in 2019 as leading international and regional FinTech firms choose the DIFC as their preferred jurisdiction from which to scale their business in the region.
Arif Amiri, Chief Executive Officer of DIFC Authority, said: "The significant rise in the number of registered FinTech firms establishing a presence at the Centre highlights our sustained efforts to transform the region's financial technology ecosystem and drive sustainable economic growth. It is a reflection of our commitment to reinforcing Dubai's position as one of the world's top ten FinTech hubs.
"We aim to continue this momentum and growth through our evolving regulatory environment and the quality of collaborators we bring into the DIFC, as our vision of driving the future of finance becomes a reality."
The FinTech firms recently attracted by the Centre span across a variety of geographical markets and technologies, including Bankable, the UK-based architect of digital banking and payment solutions
and QFPay, the global mobile payment technology company from Hong Kong, providing backend solutions to the likes of Alipay and Wepay.
Furthermore, regulated FinTech firms to receive the Innovation Testing Licence (ITL) offered by the Dubai Financial Services Authority (DFSA) include Sarwa, the region's first online financial advisor, TokenMarket, a securitisation and tokenisation platform powered by blockchain, and Wethaq, an investment platform for sukuk and capital markets, demonstrating the Centre's flexible yet robust regulatory framework.
The Centre has already 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 in the last six months.
The Centre has also witnessed a significant upsurge in the number of FinTechs wanting to participate in the DIFC's dedicated accelerator programmes, which has become a first step towards testing the regional market for many global start-ups. The third cohort of the DIFC FinTech Hive accelerator programme received 425 applications from start-ups operating in the RegTech, Islamic FinTech, InsurTech and broader FinTech sectors, a 42% increase from the 2018 programme. This also marked a three-fold increase from its inaugural cycle in 2017, exemplifying the pace of evolution of this fast-growing industry.
Subsidized licensing options and access to a dedicated 100 million FinTech Fund managed by Middle East Venture Partners (MEVP) and Wamda Capital, have proven both feasible and attractive for FinTech start-ups in the Centre.
Together, these key components have created a formidable marketplace for FinTech to grow, expand, and experiment with innovations, firmly positioning Dubai to be the FinTech hub for the region and accelerating into the future of finance. — SG


Clic here to read the story from its source.