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Dubai FinTech Capital
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When it comes to finding the FinTech heart of the Middle East and North Africa (MENA) region, the answer is Dubai. Why? The demand for FinTech from both businesses and customers in the region has rapidly accelerated its adoption. A Mastercard 'Borderless Payments Report 2021/2022' found that over half (51 percent) of those in the UAE who made online cross-border payments to family and friends in the last 12 months believe the recipients would struggle financially without this support.
Furthermore, the acceptance of card-not-present payments grew from eight percent in July 2019 to 13 percent in August 2021 in Dubai—a 60 percent growth. This is according to a white paper by the Department of Economy and Tourism (DET) and the Visa Economic Empowerment Institute (VEEI): 'Dubai MSMEs: Digitally enabled and resilient'.
One of the biggest players influencing this shift is the Dubai International Financial Centre (DIFC). As a financial hub governed by its own laws and an independent judicial system, the DIFC has been instrumental in realizing Dubai's vision of becoming a leading city for launching ventures in the Middle East, Africa, and South Asia (MEASA) region.
The DIFC has played a key role in financing the growth of many FinTechs, including the investment app Sarwa, the cloud-based B2B employee benefits platform FlexxPay, and the migrant-worker financial services platforms Now Money and Go Rise.
Mohammad Alblooshi, Head of DIFC Innovation Hub and FinTech Hive, spoke to The FinTech Times to explain why Dubai is at the center of all things FinTech in the MENA region:
Innovation is the most powerful force for transformative change. As economic paradigms shift, innovation is placing the financial services industry at a pivotal point in its evolution. Even before the pandemic became a catalyst for digitalization, FinTech, as one of the most innovative sectors, had already greatly modernized the way financial services are structured and delivered.
The global FinTech-as-a-service market size is well-positioned for growth, expected to reach $949.49 billion by 2030, growing at a CAGR of 17.2 percent. In the Middle East and North Africa region, FinTech investments have already reached $819 million in the first half of 2022 alone. Operating in this thriving environment, financial service providers in the Middle East, Africa, and South Asia (MEASA) region are presented with an unprecedented opportunity to redefine the future of the industry.
Leading the way in FinTech innovation is the UAE, which boasts the largest FinTech ecosystem in the GCC, with over 600 FinTech startups based in Dubai. Under the visionary leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the emirate has emerged as one of the world's most powerful financial centers by fostering entrepreneurial innovation.
Entrepreneurship is a vital aspect of economic development, and Dubai's highly successful businesses inspire others to launch their own ventures, nurturing the ecosystem. The emirate accounts for 57 percent of the rising funding in the Middle East and North Africa, with investments in physical and digital infrastructure that allow start-ups to access a broad and diverse audience.
Dubai also helps entrepreneurs secure a long-term future in the city through initiatives like the UAE's Golden Visa. Furthermore, the UAE government has introduced a new business entry visa, which attracts investors and entrepreneurs to explore business and investment opportunities in the country.
Dubai offers a seamless incorporation procedure for businesses, as well as full ownership for foreign investors. The city is a magnet for highly skilled overseas employees, with research showing that tech talent earns significantly higher salaries in Dubai than in most global tech hubs.
Consistently leading the Middle East region in quality of life rankings, the emirate's impressive man-made islands, stunning architecture, and a high-net-worth, 88.52 percent expatriate population are factors that contribute to Dubai's reputation as the perfect entrepreneurial city.
Innovation forms an integral part of the Dubai Government's strategic objectives, and the emirate's location is a key element of its status as a nexus for FinTechs. Dubai provides access to the less saturated, youthful market of MEASA within an entrepreneurial ecosystem that attracts international venture capitalists aiming to capitalize on the available opportunities in the region.
The demand for FinTech services has increased significantly over the last few years, driven by digital technologies and innovations that are reshaping the payments, lending, insurance, and wealth management industries. Several key factors have enabled FinTech start-ups to successfully grow and scale in Dubai over the last eight years.
The emirate has emerged as the growth hub of the Middle East and North Africa, accounting for 57 percent of the region's funding. Among these scale-ups was 3S Money, an international payment platform that recently received a license from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from the DIFC.
Serving as a platform that facilitates access to MEASA opportunities in emerging markets and beyond, the DIFC has enabled the development and growth of Dubai's reputation as a hub for innovation and technology. The Centre is home to the FinTech Hive, the first and largest financial technology accelerator in the MEASA region, and the Innovation Hub, the region's largest innovation community, which currently hosts more than 600 growth-stage tech firms.
The Centre's Innovation Hub hosts training and accelerator programs designed to nurture entrepreneurship, providing access to mentors, cost-effective business and regulatory licensing, expertise, and the largest cluster of venture capitalists in the region.
In addition to VC support, the Centre demonstrated its initial commitment to providing funding to grow the sector in 2018. This was realized through the $100 million FinTech Fund, which has now been integrated into the AED 2 billion Dubai Future District Fund, supported by DIFC.
The success of Dubai’s FinTech sector is a testament to why global start-ups view the emirate as the ideal breeding ground for innovation to flourish.
The DIFC hosted the Dubai FinTech Summit on May 8th and 9th, 2023. Over 5,000 delegates were expected to arrive in Dubai, making it one of the world's largest gatherings dedicated to FinTech.
The Freelance Visa gives you the freedom to choose your projects, clients, and working hours. It also provides tax advantages and the ability to build your brand and business independently. Depending on the license type, freelancers may not be required to have a physical office space and can opt for a flexi-desk arrangement or a virtual office.
As a launch pad for global entrepreneurs, Dubai is attracting FinTech companies looking to join the ranks of some of the most successful innovators.
+90 542 381 3868
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