Save the date for the second Dubai FinTech Summit, hosted by DIFC, on May 6-7, 2024. This influential event will gather industry leaders to discuss the future of finance in the MEASA region, with a focus on digital banking, e-commerce, and contactless payments.
The Middle East, Africa, and South Asia (MEASA) region’s premier international financial center, Dubai International Financial Centre (DIFC), has announced the dates for the second Dubai FinTech Summit: May 6 and 7, 2024.
The first iteration of the fintech summit, which was hosted by 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 the Dubai International Financial Centre (DIFC), was a rousing success, drawing an impressive 5,300 attendees from over 90 countries.
The first Dubai FinTech Summit emphasized the significance of rapid investment in digital banking services, e-commerce websites, and contactless payments as the population switches from cash to digital payment methods.
The co-host sponsor of the conference, Visa, also disclosed that the majority of consumers prefer digital payments over cash and that four out of five UAE consumers surveyed said they would switch retailers based on the accepted payment methods.
The CEO of DIFC Innovation Hub, Mohammad Alblooshi, spoke about the first fintech summit’s success and preparations for the second one the following year.
“It has been amazing to watch the Dubai FinTech Summit succeed in becoming a powerful platform for showcasing innovation, developing meaningful dialogue around the issues and challenges facing our industry, and creating engagement on the future of fintech, all in its first edition,” Alblooshi said. With Dubai emerging as a key hub for innovation and entrepreneurship, we have reached a crucial turning point for the fintech industry in the region.
And then the 2024 Dubai FinTech Summit “will offer a vital venue for industry leaders and experts to get together, explore prospects, and design the blueprint that will continue to drive the future of finance,” he continued. “The industry is developing at an unprecedented speed.
It has involved reform, investment, and transformation
Over 20 Memorandums of Understanding (MoUs) with leading financial figures worldwide were signed at the Dubai FinTech Summit in 2023. During the conference alone, DIFC inked 12 MoUs with major global players in finance and technology, including Standard Chartered Bank, which will soon introduce digital asset custody services to serve institutional clients around the world (pending regulatory permission).
Brad Garlinghouse, CEO of prominent crypto solutions provider Ripple, highlighted the company’s plans to expand into the region, showcasing the substantial growth and potential of the fintech sector in the area. Moreover Ripple intends to create its first regional hub in Dubai at DIFC, taking advantage of the city’s progressive regulatory structure and ecosystem. 20% of its clients are located in the MENA.
The CEO of asset management company Franklin Templeton, Jenny Johnson, also provided insight into the expanding availability of smarter technology.
Moreover according to Johnson, artificial intelligence is “playing a big role in dynamically switching up investment portfolios and banking, [enabling] the ability to enhance tasks like tax efficiency and deliver customizability in ways traditional banks could never achieve.”
Finally the speaker highlighted the UAE’s vision for economic diversification, emphasizing the principles of reform, investment, and change as the driving forces behind this transformation. Reform has succeeded in achieving two goals. First, it has drawn talent and human capital. The amendments pertaining to capital requirements for foreign ownership make up the second. Its generational mindset is one of the things I like best about this area. It concerns how you are diversifying your economies to guarantee your continued prosperity for future generations.