25 July 2024
Maktoum bin Mohammed opens second edition of Dubai FinTech Summit
May, 06, 2024; Dubai: His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance of the UAE and President of DIFC, today opened the second edition of the Dubai FinTech Summit, which is being held at Madinat Jumeirah, Dubai under the theme ‘Pioneering FinTech’s Future’.
Organised by the Dubai International Financial Centre (DIFC), the leading global Financial Centre in the Middle East, Africa and South Asia (MEASA) region, this year’s Dubai FinTech Summit brings together more than 8,000 industry leaders from over 100 countries.
Commenting on the occasion, HH Sheikh Maktoum bin Mohammed said: “Dubai today has the ideal infrastructure and legislation to become the world’s global FinTech hub. The city provides a unique environment for FinTech companies to leverage new growth opportunities in this rapidly growing sector. We have created a dynamic ecosystem for the FinTech industry to thrive, in line with the goal of the Dubai Economic Agenda D33 to establish the emirate as one of the top four financial centres worldwide.”
His Highness added that the second edition of the Dubai FinTech Summit highlights the ongoing transformation of the technology-led financial sector, and the urgent need to focus on innovation, financial inclusion, and the impact of sustainability as a way of life. “Through collaboration and partnerships between banks, financial technology companies, and financial services application platforms, Dubai is poised to lead the future of this dynamic sector. By focusing on customer and investor-centric financial and banking services, this will pave the way for significant advancements in the future,” Sheikh Maktoum said.
His Highness added: “The summit will foster rich discussions on the evolving landscape of finance, driven by the transformative forces of artificial intelligence, digital currencies, and innovative technology. Together with industry leaders, we look forward to exploring the positive impact and opportunities inherent in the use of artificial intelligence in financial services, the growing world of digital currencies and blockchain technology. With its progressive policies, innovative regulations and advanced infrastructure, there is no limit to what Dubai can accomplish in the sector.”
During his visit, His Highness Sheikh Maktoum attended the opening session of the summit and met with several global leaders in tech, finance and regulatory reform.
His Excellency Essa Kazim, Governor at DIFC, said: “DIFC has become a major engine of growth for Dubai’s economy and a significant contributor to its GDP. Its accelerated growth trajectory is perfectly aligned with the goals of the Dubai Economic Agenda, D33 to double the size of Dubai's economy over the next decade and reinforce its status as one of the world’s top three cities for business and investment. DIFC’s unprecedented growth over the last 20 years consolidates Dubai’s status as the MEASA region’s foremost contributor to the global financial services industry.”
He added, “Through strategic initiatives, we seek to provide a dynamic environment for innovation and enterprise to flourish. Dubai and DIFC have invested heavily in its FinTech ecosystem by creating a supportive and agile regulatory framework, and by providing access to funding, sand-box environments and state-of-the-art infrastructure for start-ups and established companies alike. The Dubai FinTech Summit also presents a unique opportunity for collaboration between traditional financial institutions and FinTech firms, especially with rapid AI advancements driving innovation within the sector.”
The Dubai FinTech Summit offers the perfect 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.
Arif Amiri, Chief Executive Officer at DIFC Authority, said: “DIFC offers a thriving business environment where technology meets opportunity, enabling FinTech companies to excel and expand on a global scale. By fostering robust partnerships and facilitating cross-border collaboration, we are setting new standards for financial excellence.
The Dubai FinTech Summit exemplifies this commitment by bringing together industry leaders, innovators, and policymakers from around the world to discuss the future of finance. The platform not only highlights Dubai’s central role in the global financial ecosystem but also demonstrates our position as a catalyst for economic growth and technological advancement in the MEASA region and beyond.”
Investments in FinTech, projected to grow by 17.2% CAGR to $949 billion from 2022 to 2030, are further accelerating the ongoing pace of FinTech innovation globally and in Dubai, which offers access to high-growth emerging markets in the Middle East and North Africa (MENA), Western Europe, Asia and Africa.
The second edition of the Dubai FinTech Summit is taking place at an unprecedented scale for an event focused purely on FinTech. In line with D33 to position Dubai as the top four global financial hub by 2033, the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.
With a strong line-up of distinguished local and international speakers in attendance during the two-day summit, the Dubai FinTech Summit promises engaging and thought-provoking panel discussions and fireside chats. Delegates will access key insights from His Excellency Abdulla bin Touq Al Marri, UAE Minister of Economy; His Excellency Fahad M. Alturki, Director General and Chairman of the Board of the Arab Monetary Fund; His Excellency Helal Saeed Al Marri, Director General of Dubai Department of Economy and Tourism; and His Excellency Faisal Belhoul, Vice Chairman of the Dubai Chamber and Chairman of J&F Holding.
Adena T. Friedman, Chair and Chief Executive Officer of Nasdaq; Nic Dreckmann, Chief Executive Officer of Bank Julius Baer; Yie-Hsin Hung, President and Chief Executive Officer of State Street Global Advisors; along with many other global industry leaders will also bring their perspectives on the future of FinTech.
Day one of the Dubai FinTech Summit saw insightful debates on the topics of ‘Regulation and Policymaking’; ‘Crypto Payments’; ‘Embedded and Open Finance’; ‘AI and the Future of Finance’; ‘VC, Entrepreneurship and Beyond’; ‘Corporate Finance’; ‘Financial Inclusion and Consumer Protection’; and more.
Day two promises equally vibrant discussions with opening remarks by Arif Amiri, Chief Executive Officer of DIFC Authority, followed by high profile fireside chats with global industry leaders including sessions on ‘High Interest Rates and Macroeconomic Volatility’; ‘Institutional Adoption and Regulatory Clarity – Crypto’s Path Forward’; ‘D33- A Decade of Economic Transformation’ and more. View the full agenda here.
The second edition of the Dubai FinTech Summit is supported by over 150 global corporate partners, with Visa as founding partner and co-host; Emirates NBD as founding partner and premium banking sponsor; e& as founding partner and ‘powered by’ sponsor; and Commercial Bank of Dubai as founding partner and strategic banking sponsor.
