FinTech becomes fastest growing sector in DIFC

Dubai International Financial Centre (DIFC), the global financial centre in the Middle East, Africa, and South Asia (MEASA) region has continued to attract strong interest from financial technology firms, making FinTech the fastest growing sector at the DIFC.

Client growth remains strong across all sectors, but interest from FinTechs in the Centre has outpaced that of other sectors. This has been bolstered by DIFC’s robust calendar of impactful events and international roadshows, which have highlighted Dubai’s status as a preferred global FinTech and innovation hub.

A DIFC delegation is currently in Singapore for the Singapore Fintech Festival, where they are looking for collaboration opportunities and finalizing commitments from Asian firms. As the event’s Silver Sponsor and the only regional sponsor, DIFC demonstrates its role as the most enabling platform in MEASA for FinTech firms, assisting start-ups, global players, and unicorns to expand their global reach and capture opportunities in fast-growing MEASA markets. DIFC-based FinTech firms received over AED 2 billion (USD 559 million) in funding between January and September 2022.

Arif Amiri, CEO of DIFC Authority, is leading the DIFC delegation. During the visit, the delegation is highlighting Dubai’s position as a leading financial centre and global FinTech hub whose financial technology firms have access to education; entrepreneurship and accelerator programmes; mentoring and networking; operating and regulatory licences; access to funding and expertise through venture studios.

DIFC is dedicated to shaping the future of finance by launching initiatives that are aligned with its 2030 strategy, which is attracting FinTech businesses and talent to Dubai at an unprecedented rate. The number of FinTech and innovation firms joining DIFC in the first nine months of 2022 surpassed the total that established operations 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.”

According to the DIFC FinTech Hive’s 2022 FinTech Report, the market was worth more than USD135.9 billion in 2021 and is expected to grow at a CAGR of 11.9 percent between 2022 and 2027, reaching more than USD266.9 billion by 2027. FinTech funding nearly doubled in 2021, with MENA start-ups raising USD998 million, a 78% increase over 2020.