Dubai International Financial Center (DIFC) has established itself as a fintech bridge between the world and Asia.
DIFC is the gateway to the Middle East, Africa and South Asia (MEASA) for fintechs and innovation companies.
This comes amid reports of growing interest in the fintech industry in MEASA and the wider Asian region. As the neighboring industry fintech matures, new opportunities to extend beyond regional boundaries are highly sought after.
In the first nine months of 2022, the number of new companies joining the DIFC has exceeded the total number of businesses established in 2021 as a whole.
That number includes startups graduating from DIFC’s “FinTech Hive” program this year. Out of over 3,000 applicants, he was selected to join the program with 200 people based on his ideas and ability to generate revenue. Since its creation, the program has delivered over 100 proofs of concept with the support of 65 partners.
DIFC positions Dubai as a stepping stone between the various fintech ecosystems of the world. Its latest statement describes “familiarity in a sophisticated multinational environment.”
It works in tandem with initiatives designed to boost the country’s technology sector. These include the Golden and 5-year Green Visa schemes that seek to attract foreign talent, such as freelance professionals, to the industry.
The United Arab Emirates Talent Hub is #1 in the Middle East and North Africa (MENA), insidelatest talent competitiveness index.
The country takes the top spot for ease of doing business in MENA, bridging the time zone gap between East and West.according to world bank.
Reflecting the continued importance of the fintech and innovation sector, the DIFC recently Mohammad Albrosi As Vice President and Head of Innovation Hub.
AlBlooshi’s hub leadership will incorporate FinTech Hive, Venture Studio Launchpad, Dubai FinTech Summit and further initiatives in 2023.
In a statement, AlBlooshi reaffirmed DIFC’s commitment to supporting Dubai-based fintechs, including “initiatives to welcome the influx of innovation and talent to our region.” increase.
The DIFC’s business-friendly regulatory regime, along with its encouragement of innovation in Dubai, is most appreciated by Disruptors.
This approach enables a direct dialogue between the community and regulators, initiating collaboration on the financial models that define the future.
Fundraising and growth
DIFC also offers access to capital sources with a strong risk appetite and an innovative and comprehensive business model.
“DIFC has attracted 600 startups, growth stage companies and unicorns to Dubai” Share Arif AmiriCEO of DIFC Authority.
“These companies are making a significant contribution to our economy right now. It’s time.”
Between January and September 2022, DIFC-based fintech firms secured nearly AED 2 billion ($559 million) in funding, according to the DIFC FinTech Hive’s 2022 Fintech Report .
Fintech fundraising activity nearly doubled in 2021. MENA Startup In 2021 He Raised $998 Million. 78% increase from 2020.