The Dubai International Financial Centre (DIFC) says that Dubai has continued to attract exceptional interest from financial technology firms, making fintech the centre’s fastest growing sector.
The number of fintech and innovation firms joining DIFC in the first nine months of 2022 exceeded the total that established operations during the whole of 2021.
DIFC-based fintech firms also secured over US$559 million (AED 2 billion) in funding during the period. The segment previously raised US$ 998 million in 2021, a 78 per cent increase from 2020.
According to DIFC Fintech Hive’s 2022 Fintech Report, the segment attained a value of more than US$135.9 billion in 2021 and is expected to reach over US$266.9 billion by 2027.
A DIFC delegation was in Singapore for the annual Singapore Fintech Festival last week, exploring collaboration opportunities and finalising commitments from firms in Asia.
The DIFC delegation was led by Arif Amiri, CEO of the DIFC Authority. The centre was a Silver Sponsor of the event and the only sponsor from the region.
“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 fintech in Asia,
said Arif Amiri, CEO of DIFC Authority.