The global FinTech sector is experiencing rapid growth and is expected to reach a value of $608 billion by 2029. In the Middle East and North Africa (Mena) region, the FinTech start-up and venture capital landscape is thriving, with over 800 FinTech start-ups valued at $15.5 billion. To address these developments, the Dubai FinTech Summit was launched by the Dubai International Financial Centre (DIFC), bringing together 8,000 decision-makers, 300 thought leaders, and 200 exhibitors to discuss the latest innovations and challenges in the industry.
The Dubai FinTech Summit serves as a platform for start-ups, investors, and industry leaders to network and take advantage of the growing FinTech market in the region and globally. Aligned with the Dubai Economic Agenda D33 to establish Dubai as one of the world’s top four financial hubs by 2033, the Summit promotes cross-border collaboration and innovation, essential for the transformation of the global FinTech sector. The event offers a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the Middle East, Africa, and South Asia (MEASA) region.
The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from more than 90 countries, including over 1,000 investors and 150 speakers. During the Summit, over 20 memoranda of understanding were signed with global financial leaders. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of DIFC, engaged with global policymakers and financial industry leaders on the sidelines of the second Dubai FinTech Summit (DFS).
Key decision makers Sheikh Maktoum met with included Adena T Friedman, Chair and CEO of Nasdaq; Oh Se-Hoon, Mayor of Seoul, South Korea; Nic Dreckman, Group CEO of Julius Baer; and Nik Storonsky, Founder and CEO of Revolut. Dubai’s strategic initiatives to enhance its stock market’s total volume to AED3 trillion and deepen its capital market ecosystem were discussed, highlighting the city’s efforts to attract investors globally. Collaboration with entities like Nasdaq plays a crucial role in Dubai’s plans to advance investment growth and technological innovation in financial services.
Dubai’s partnerships with Nasdaq and other global players have supported the city in achieving excellence in the financial sector and elevating its status as an international financial center. Friedman praised Dubai’s progressive approach and expressed Nasdaq’s interest in exploring collaboration opportunities in areas like capital market development and regulatory innovation. Sheikh Maktoum reiterated Dubai’s commitment to creating an environment conducive to wealth management, investment, and financial technology excellence, attracting high-net-worth individuals, family offices, and innovative FinTech companies.
The presence of DIFC officials, including Essa Kazim, Governor of DIFC; Arif Amiri, CEO of DIFC Authority; and Mohammad Alblooshi, CEO of DIFC Innovation Hub at the meetings highlighted Dubai’s dedication to fostering growth in the financial sector through strategic initiatives and partnerships with global entities. Dreckmann and Storonsky praised Dubai’s exceptional growth as a global financial hub, expressing interest in expanding their companies’ presence in the region and leveraging Dubai’s advanced infrastructure and investor-friendly policies to serve their clients effectively.
