Major Middle Eastern hub the Dubai International Financial Centre (DIFC) has announced the availability of a blockbuster fund dedicated to helping fintech companies flourish.
DIFC unveiled the fund on 14 November at the inaugural Global Financial Forum: a new, high-profile symposium attended by banking economists and national policymakers.
The fund is designed to propel fintech start-ups from incubation to growth stage.
Under the DIFC’s plans, the fund’s beneficiaries will help to revolutionise the financial industry across the Middle East, Africa and South Asia (MEASA) region.
Addressing delegates, DIFC governor His Excellency Essa Kazim said: “It gives me great pleasure to announce that today, we are launching a new $100m fund to help establish, grow and upscale start-up and growth-stage fintech firms looking to access the MEASA markets.”
He explained: “The fund will leverage the DIFC’s fintech ecosystem, consisting of attractive experimental licenses, market-leading pricing and collaborative spaces.
“There is immense opportunity in this market, and this will be one more step towards shaping the future of finance in the region.”
Kazim added: “We look to support the development of emerging markets in MEASA and encourage greater trade flows through the South-South corridor – which stretches from Latin America, through to Africa, India, Southeast Asia and China.”
Dubai’s fund adds to the support that the emirate has already devoted to financial technology via the Fintech Hive at DIFC – which The Treasurer has covered here and here.
Indeed, the Hive has provided the very ecosystem that the new fund’s beneficiaries will be able to leverage.
Among its latest work, the Hive is leading a DIFC effort to develop a new range of fintech solutions with the specific aim of modernising Islamic finance.
Stakeholders in the initiative are hoping that its fruits will support Dubai’s ambition to become the capital of the world’s Islamic economy by 2024.
DIFC’s announcement emerged at an event where fintech, and the digitisation of finance in emerging markets, were dominant topics.
Discussions highlighted the power of blockchain to revolutionise banking, trade finance and data management.
In addition, panellists discussed the social impact of fintech and its ability to bring banking and financial services to millions of individuals in the MEASA region, where access is often limited.
Find out more about the Global Financial Forum at its official website.