Fintech is DIFC’S fastest-growing sector

Financial technology companies continue to show a strong level of interest in the Dubai International Financial Centre (DIFC), the region’s premier financial hub for the Middle East, Africa, and South Asia (MEASA). As a result, FinTech is now the DIFC’s fastest-growing industry.

Although client growth is still strong across all industries, FinTechs’ interest in the Centre has grown faster than that of other industries. This has been made even more apparent by DIFC’s busy calendar of noteworthy events and international roadshows, which have highlighted Dubai’s standing as a top FinTech and innovation hub on the planet.

In order to finalise pledges from Asian companies and explore collaborative potential, a DIFC group is now in Singapore for the Singapore Fintech Festival. As the only sponsor from the area and the event’s Silver Sponsor, DIFC is showcasing its function as MEASA’s most enabling platform for FinTech companies, assisting start-ups, major players, and unicorns to broaden their global reach and seize opportunities in the region’s rapidly expanding markets. Over AED 2 billion (USD 559 million) in finance was obtained by DIFC-based FinTech companies between January and September 2022.

The DIFC delegation is being led by Arif Amiri, CEO of the DIFC Authority. The delegation is promoting Dubai’s status as a top financial centre and international FinTech hub, where financial technology firms can access education, entrepreneurship and accelerator programmes, mentoring and networking opportunities, operating and regulatory licences, and access to funding and expertise through venture studios.

In order to continue luring FinTech companies and talent to Dubai at an unprecedented rate, DIFC is dedicated to launching activities that are in line with its 2030 vision. A greater number of FinTech and innovation companies joined DIFC in the first nine months of 2022 than did so in the entire year of 2021.

Arif Amiri, CEO of DIFC Authority, said: “Dubai and DIFC have built the most comprehensive FinTech and innovation proposition in the Middle East, Africa and South Asia region. This has helped us become one of the world’s leading hubs for the sector and we are thrilled that DIFC is attracting high levels of interest from FinTechs in Asia. DIFC will continue to develop initiatives to further differentiate our strong reputation for FinTech, some of which we are looking forward to announcing soon.”

The market reached a value of more than USD135.9 billion in 2021, and, according to DIFC FinTech Hive’s 2022 FinTech Report, it is anticipated to increase at a CAGR of 11.9% over the forecast period of 2022–2027 to reach more than USD266.9 billion by 2027. FinTech funding activity nearly doubled in 2021, and start-ups in the MENA region raised USD 998 million in 2021, up 78% from the previous year.