Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, today announced the second edition of Dubai FinTech Summit to be held on 6-7 May 2024. Under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance of the UAE, and President of the Dubai International Financial Centre (DIFC), the first edition of the summit concluded with resounding success, with a remarkable turnout of 5,300 visitors from 92 countries. As the population transitions from cash to digital payment methods, the inaugural Dubai FinTech Summit highlighted the importance of accelerated investment in digital banking services, e-commerce websites, and contactless payments. According to co-host sponsor, Visa, four in five consumers surveyed in the UAE would switch merchants based on the payment methods offered, with most preferring digital payments over cash.
“It’s been incredible to witness the Dubai FinTech Summit succeed in becoming a powerful platform for showcasing innovation, developing meaningful dialogue around the issues and challenges facing our industry and creating engagement on the future of FinTech, all in its maiden edition. We have marked a significant milestone for FinTech in the region, as Dubai emerges as a leading hub for innovation and entrepreneurship,” said Mohammad AlBlooshi, CEO of DIFC Innovation Hub. “With the industry growing at an unprecedented pace, the 2024 Dubai FinTech Summit will provide an invaluable platform for industry leaders and experts to come together, discuss opportunities, and draw the blueprint that will continue to guide the future of finance,” he added.
A platform for collaboration
Dubai FinTech Summit 2023 saw over 20 MoUs signed with global financial leaders, with DIFC inking 12 MoUs during the Summit alone, with global powerhouses of finance and technology, including Standard Chartered Bank, due to launch digital asset custody services (subject to regulatory approval) to cater to institutional clients globally.
Expansion and growth
Showcasing the significant growth and potential of the FinTech sector in the region, Brad Garlinghouse, CEO of Ripple, a leading crypto solutions provider, announced company’s plans to expand into the region. With 20 per cent of its customers being MENA-based, Ripple is choosing to leverage the city’s forward-thinking regulatory framework and ecosystem to open its first regional hub in Dubai at DIFC.
Global crypto exchange, Coinbase, also announced exciting expansion plans, with CEO Brian Armstrong stating the company’s intent to explore the UAE as a prospective hub for its operations in the Middle East, Africa, and Asia.
Sharing insights on the increasing accessibility to smarter technologies, Jenny Johnson, CEO of Franklin Templeton, global leader in asset management, said: “AI is playing a big role in dynamically switching up investment portfolios and banking, (enabling) the ability to enhance tasks such as tax efficiency and delivering customisation in ways traditional banks could never achieve.”
Commenting on the UAE’s vision for economic diversification she added, “It’s been reform, invest, and transform. We have seen reform achieve two things. First, it has attracted human capital and talent. The second are the reforms around capital requirements for foreign ownership. One of the things I appreciate about this region is its generational thinking. It is about how you are diversifying economies to ensure that you are successful for generations to come.”
Speaking on changes in interest rates, Piyush Gupta, Group CEO of DBS Bank, said, “Four to five per cent interest rate environments have not been unusual. The big difference this time around is not the rate of interest, but the pace of change. Normally, the Federal Reserve System (FED) tends to take a couple of years – two to two and a half years to slowly work its way up. This time, a lot of people argued that the FED was behind the curve, and as a consequence, they have to react much more quickly.”
The event was supported by finance and technology company, VISA as co-host sponsor; e& as headline sponsor; Geidea joining as the presenting sponsor; Finvasia, Emirates NBD and Paxos as lead sponsors; BLUE, Standard Chartered Bank, Ripple and Fasset as Platinum Sponsors; atPay, Dubai Financial Market and Commercial Bank of Dubai as Gold Sponsors and Huawei as the Lead Cloud Sponsor.
Dubai FinTech Summit will return in 2024
Looking ahead, the second edition of Dubai FinTech Summit promises greater impact, shaping the future of FinTech in the region. Mark your calendars for 6 and 7 May 2024 and join us once again as we push the boundaries of innovation and drive the FinTech industry forward.
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.
With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 36,000 professionals working across over 4,300 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For further information, please visit our website: difc.ae, or follow us on LinkedIn and Twitter @DIFC.
For further enquiries, please contact: Nupur Aswani Head – Media, PR and Corporate Communications, Trescon +91 95559 15156 | media@tresconglobal.com
Since launching 2 months ago, MX Hub has achieved international recognition as a contributor to Dubai Metaverse strategy of global leadership. Located under the roof of the Dubai Ministry of Economy & Tourism, MX Hub has prepared the first Emtech Rating MX100, aimed at getting top rated companies to participate in the MX Sharing Ecosystem. MX Hub members get a revolutionary framework is designed to help startups accelerate the presence via the Emtech Rating System. The MX Hub Ecosystem provides a virtual office, registration / licensing at a fraction of the cost of setting up your own company in Dubai. The MX Program Integration is based on a framework of transparency, trust and reporting that includes: Due diligence, inclusion in Rating of top 100 Emerging tech companies, strategic sessions with globally renowned experts, like Brett King, aimed at improving startups’ strategy, PR, sales Technical integration with synergetic service provider, to facilitate sales and commercial rollout and participation and exposure across MX100 events.
Cost of MX Hub membership ranges from $2.5k-$5k monthly.
Compare: Instead of $120k + annual costs of running a business in UAE, you’d get representative office, sales representatives and business deals, several times more cost-efficient. MxHub’s unique differentiator is geared toward supporting Top Startups the opportunity to drive valuation multiple through targeted execution and participation across the growing global Metaverse Ecosystem.
About MX Hub by Phygital:
A Custom made, first of a kind, Phygital platform, created to help startups and hi-tech companies to find investments, customers and strategic partners, help’s investors filter opportunities and make the right investment. Our creative unique physical space is supported by the Virtual twin version with multifunctional options, VIP meeting spaces and chat rooms, to meet investors/clients.
What every member of MX hub gets: – Pilot projects with selected MX Hub residents. The result: proven technologies of MX Hub residents, offered to MENA companies for export purposes. – An increase in the valuation of startups via the scaling mechanism of MX – Metabook Sharing economy. – Licensing synergetic technical tools of MX Hub residents, to reach sustainable competitive advantage, and leadership position. – Integrated Public, Government and Investor Relations.
“We start with MX Hub event, a sort of “Oscar for Emerging tech startups”, which is supposed to aggregate the global interest for MX startups,” stated Edward Musinski Managing Director of MX Hub. “MX Hub Members are contributing to Sharing economy of innovators, by paying membership and sharing profit with MX Hub ecosystem,”
The Hong Kong Economic and Trade Office in Dubai (Dubai ETO) held a business seminar and luncheon in Abu Dhabi, the capital of the United Arab Emirates, to celebrate the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR) on June 1 (Abu Dhabi time). The event was jointly organised by the Dubai ETO, the Abu Dhabi Chamber of Commerce and Industry, the Hong Kong Trade Development Council (HKTDC) and Invest Hong Kong (InvestHK).
The seminar featured speeches from the Director-General of the Dubai ETO, Mr Damian Lee; the Regional Director of Middle East and Africa of the HKTDC, Mr Daniel Lam; the Director-General of Investment Promotion of InvestHK, Mr Stephen Phillips; and the Deputy Director General of the Abu Dhabi Chamber of Commerce and Industry, Mr Helal Mohamed Al Hameli.
Speaking to some 150 guests from the public and private sectors attending the seminar, Mr Lee welcomed them to the Dubai ETO’s first major business-oriented event in Abu Dhabi. He said that this year marks the 25th anniversary of the establishment of the HKSAR, and remarked that Hong Kong had faced various challenges over the years but had always proven its resilience by emerging stronger. He encouraged participants to tap into the tremendous investment and business opportunities in Hong Kong arising from its free trade agreements with Mainland China and the Association of Southeast Asian Nations, national development initiatives under the 14th Five-Year Plan, the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and the Belt and Road Initiative.
A panel of United Arab Emirates business leaders also spoke with the attendees on their experiences and insights on establishing and expanding their businesses in Hong Kong.
In 2022, the Dubai ETO will continue to organise various events in the Middle East region, including business seminars and cultural events, to celebrate the 25th anniversary of the establishment of the HKSAR.
Mitsubishi Heavy Industries Engineering, Ltd. (MHIENG, the Company), a Group company of Mitsubishi Heavy Industries, Ltd. (MHI) based in Yokohama, Japan, has successfully begun operations of Dubai Metro, a fully automated driverless rail system1), as well as the Dubai Tram network in Dubai, United Arab Emirates (UAE). The services are operated through Keolis-MHI Rail Management and Operation LLC (Keolis-MHI)(2), a consortium led by Keolis, a subsidiary of SNCF (French National Railway Company) and CDPQ (Caisse de depot et placement du Quebec), and Mitsubishi Corporation.
Dubai Metro (Photo courtesy of Dubai Road Transport Authority)
The business concession had been awarded to Keolis-MHI and includes the Dubai Metro, an urban rail network inaugurated in 2009, and the Dubai Tram that started operating in 2014. The contract with Dubai’s Roads and Transport Authority (RTA) covers a maximum of 15 years: 9 years plus a 6-year option.
This project marks MHIENG’s first direct participation in operating an urban rail transport system(3) outside of Japan. Keolis-MHI will also be responsible for the maintenance of Dubai Metro, as it looks to contribute to building safe and smooth transport systems worldwide. Dubai Metro will be providing critical transportation for the EXPO 2020 Dubai that starts on 1 October 2021.
To celebrate the handover, an official ceremony(4) was held at Al Rashidya metro depot in Dubai, in the presence of His Excellency Mattar Mohammed Al Tayer, Director-General, Chairman of the Board of Executive Directors, Roads & Transport Authority; Bernard Tabary, International CEO, Keolis Group; Kentaro Hosomi, Chief Regional Officer for Europe, Middle-East and Africa of Mitsubishi Heavy Industries; and Wallace Weatherill, Managing Director of Keolis-MHI.
His Excellency Mattar Mohammed Al Tayer, Director-General, Chairman of the Board of Executive Directors, Roads & Transport Authority (RTA) said: “Dubai Metro currently constitutes the backbone of transportation systems in Dubai. It links vital areas and provides safe and smooth mobility for riders. The huge successes of Dubai Metro have gone far and wide beyond the scope of the Emirate. The metro has embellished the global profile of Dubai as a superior business hub and a key destination for an exceptional quality of life.The metro is a brilliant addition to Dubai’s iconic landmarks as it uses state-of-the-art rail technology. Billed as the longest driverless metro project worldwide, Dubai Metro contributed to boosting the global competitiveness of Dubai and its success in hosting mega-events, such as Expo 2020 Dubai, which will be launched this October. The metro has also recorded high indicators in operational efficiency and trip punctuality that reached 99.7%. From the start of the passenger service in September 2009 up to the end of August 2021, the Dubai Metro operated more than three million trips transporting about 1.706 billion rider.”
Keolis Group CEO Marie-Ange Debon said: “We are very excited to begin operating Dubai’s world-class metro and tram networks in collaboration with MHI and MC. We’re also delighted to welcome 1,850 new members of staff to Keolis Group. Our shared goals bring us together: meeting the highest safety standards, delivering outstanding passenger service, and moving together towards a smart and sustainable future. Along the way, we’ll continue to focus on safety, quality, innovation and sustainability. Our ultimate goal is to ensure customer happiness by providing the very best passenger experience to Dubai’s residents and visitors. We share RTA’s Smart City Vision, which sees smart mobility as the answer to a more efficient transport system and a more vibrant city. And we look forward to accompanying RTA on this exciting journey to make the city safer, cleaner and more attractive.”
Kentaro Hosomi, Chief Regional Officer of Europe, Middle East & Africa at MHI said: “Now, at the 12th anniversary of the first major achievement between RTA and MHI after succesful completion of the construction of Dubai Metro Red Line on 9th September 2009., the 8th September 2021 signifies the start of our new chapter together, reinforcing the long partnership between RTA and MHI. We are very pleased to return back to Dubai Metro today together with our partner Keolis. MHI hereby commit to provide our strong support with our significant and unrivalled experience and knowledge of Dubai Metro, gained since 2005 as the original system provider, integrator and equipment manufacturer.”
To date, MHIENG has been providing high quality operation and maintenance services for urban transport systems, including the EPC (Enginerring, Procurement, Construction) of the Dubai Metro, as well as, vehicle and system maintenance services for urban rail transport systems in Qatar and the Philippines. The Company has also supplied Automated People Mover (APM) systems(5) that link concourses at international airports in the United States, Singapore, and numerous other countries. In the UAE, the Company has been providing operation and maintenance services for the APM linking the concourses at Dubai International Airport since 2018.
MHIENG aims to contribute to the region’s economic development and provide solutions to issues such as traffic congestion through active participation in transport infrastructure projects. In addition, MHIENG is developing diverse technology solutions that incorporate digital and artificial intelligence advancements in the transportation field. Through these endeavours the Company will continue to provide customers with operation and maintenance services of the highest added value, and further develop its after-sales service operations, including participation in business concessions.
(1) The fully automated driverless railway system is a new transportation system that adopts the iron ring system, in which vehicles run completely automatically on rails. It is often used for transportation in areas with long running sections and large numbers of passengers. Dubai Metro is an urban railway with two routes and a total length of 90 km, connecting major areas such as Dubai International Airport and the Dubai International Expo site. Dubai Tram is a tramway that runs a total of 10.6 km in the Marina district. (2) Keolis owns 70% of the shares in Keolis-MHI, with MHIENG holding 25%, and Mitsubishi Corporation 5%. Please see the company profile below or visit the website for more information Keolis-MHI. (3) Urban Rail Transport Systems represent the public transport systems in large cities, differentiating those from bullet trains and intercity railway systems. (4) The ceremony was held in accordance with local policies and measures to avoid the spread of COVID-19. Some attendees joined remotely. (5) Automated People Mover (APM) is a new transportation system driven by electric power and fully automated. It is used around the world for transportation between airport terminals, and to facilities around airports. Since it uses a rubber tire system, it is characterised by smooth running and low noise.
