After drawing in over 5,300 attendees from 92 nations, the inaugural Dubai FinTech Summit has finalized plans for its second edition in May 2024.
In Brief
Mark your calendars for the second iteration of the Dubai FinTech Summit, scheduled for May 6th to 7th, 2024.
The first Dubai FinTech Summit successfully drew over 5,300 participants from around the globe, representing 92 different countries.
During the 2023 edition of the Dubai FinTech Summit, over 20 Memorandums of Understanding (MoUs) were signed with prominent leaders in the financial sector.
Major players in the FinTech industry, such as Ripple and Coinbase, have revealed their ambitions to establish regional offices in the UAE.
“The mantra for the event has been to reform, invest, and transform the landscape.According to Jenny Johnson, the CEO of Franklin Templeton, this initiative is critical in shaping how financial services evolve.
The Dubai International Financial Centre (DIFC) has just announced that its second Dubai FinTech Summit will take place on May 6th and 7th, 2024. This event, supported by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, marks a significant moment following the exceptional turnout of 5,300 visitors from 92 countries at the inaugural summit.
With a shift from cash to digital payments, the first summit showcased the urgent need for investment in digital banking, e-commerce, and contactless payment solutions. According to Visa, a survey revealed that 80% of UAE consumers would change retailers based on payment options, showing a strong preference for digital transactions over traditional cash.
“It’s truly remarkable to see the Dubai FinTech Summit establishing itself as a dynamic platform for innovation, fostering meaningful conversations about the challenges our industry faces while igniting interest in the future of FinTech – all in its very first edition. This event has marked a pivotal step for FinTech in our region as Dubai cements its role as a vibrant center for innovation and entrepreneurship,” stated Mohammad AlBlooshi, CEO of the DIFC Innovation Hub. “As the industry evolves rapidly, the upcoming 2024 Dubai FinTech Summit will serve as an essential gathering for thought leaders and experts to explore opportunities and shape the future landscape of finance,” he added.
A platform for collaboration
The 2023 Dubai FinTech Summit resulted in more than 20 MoUs being signed between key global financial leaders, with DIFC itself securing 12 agreements at this pivotal gathering including partnerships with major institutions like Standard Chartered Bank, which plans to roll out digital asset custody services pending regulatory approval.
Highlighting the tremendous growth and potential within the FinTech arena, Brad Garlinghouse, CEO of Ripple – a leading provider of cryptocurrency solutions – unveiled his company's plans to expand into the region. With a fifth of its clientele based in the MENA area, Ripple aims to tap into Dubai’s progressive regulations by establishing its first regional hub at the DIFC.
Expansion and growth
In exciting news, Coinbase has laid out its growth strategy for the Middle East, Africa, and Asia, revealing aspirations to consider the UAE as a possible base for its operations.
As we look at how advanced technologies are becoming more accessible, Jenny Johnson, CEO of Franklin Templeton, an industry leader in asset management, remarked: “Artificial Intelligence is revolutionizing the way investment portfolios and banking processes are managed, enhancing tasks such as tax optimization and tailoring services in ways that traditional banks couldn't dream of.”
Commenting on the UAE's strategy for economic diversification, she added, “It’s about constant reform, investment, and transformation. Reforms have effectively achieved two things: they’ve attracted top talent and human resources while also easing conditions for foreign ownership. What stands out about this region is its long-term vision – it’s about crafting diversified economies that will thrive for generations.”
Piyush Gupta, Group CEO of DBS Bank, offered insights on shifting interest rates, stating, “The environment of interest rates around four to five percent isn’t unprecedented. The significant change this time, however, is not merely in rate levels but in the speed at which those changes are occurring. Typically, adjustments by the Federal Reserve take a longer period, but this time, many believe they found themselves needing to act more swiftly.”
The event boasted strong backing from sponsorships like VISA as co-host, e& as the main sponsor, with Geidea presenting as a key sponsor, while major contributions came from Finvasia, Emirates NBD, and Paxos in leading sponsorship roles. Other prominent sponsors included BLUE, Standard Chartered Bank, Ripple, and Fasset at the Platinum level, alongside atPay, Dubai Financial Market, and Commercial Bank of Dubai, recognized as Gold sponsors, with Huawei supporting as the Lead Cloud Sponsor.
Looking forward, the second Dubai FinTech Summit is anticipated to make an even bigger impact, actively shaping the evolution of FinTech in the region. Save the date for May 6 and 7, 2024, and prepare to join us once more in pioneering innovations and pushing the FinTech sector to new heights.
Dubai FinTech Summit will return in 2024
About Dubai International Financial Centre
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The Dubai International Financial Centre (DIFC) stands as one of the globe's premier financial hubs, at the forefront of the financial landscape in the Middle East, Africa, and South Asia (MEASA). This extensive region boasts 72 countries, home to around 3 billion people and generating an estimated GDP of $8 trillion.
With nearly two decades of experience in facilitating trade and investment across the MEASA region, DIFC serves as the bridge connecting these emerging markets with the economies of Asia, Europe, and the Americas through Dubai.
DIFC is home to a recognized independent regulatory body and an effective legal framework based on English common law, hosting the largest array of financial professionals – over 36,000 individuals from more than 4,300 active companies – making it the most diverse talent pool in the region.
The Centre envisions driving the future of finance through embracing cutting-edge technology, fostering innovation, and cultivating partnerships. Today, it stands as a global hub for finance and innovation, providing one of the most comprehensive environments for FinTech and venture capital in the region, including cost-effective licensing, tailored regulations, innovative developer programs, and access to growth funding for start-ups.
With many famous dining and retail options, a thriving art scene, residential accommodations, hotels, and recreational areas, DIFC continues to be a top choice for both business and lifestyle in Dubai.
For additional details, visit our official website: difc.ae, or follow us on LinkedIn and Twitter @DIFC.
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Jashmeh Bhagwagar
APCO Worldwide
Corporate Communications
(m) +971 55 9548660
Disclaimer
In line with the Trust Project guidelines Gregory, a Polish digital nomad, excels not only as a financial analyst but also shares his expertise through contributions to various online publications. His deep financial industry experience has garnered him recognition in numerous magazines. Currently, he is channeling his free time into writing a book focused on cryptocurrency and blockchain.
