DIFC and Mastercard join forces to accelerate UAE Fintech growth

Dubai International Financial Centre (DIFC), a leading global financial centre in the Middle East, Africa, and South Asia region, has entered into a strategic collaboration agreement with Mastercard to drive digital transformation in the fintech sector.

Mastercard and DIFC to empower Fintech startups in the Middle East

The partnership aims to encourage innovative partnerships and provide fintech startups and established firms with access to Mastercard’s extensive network and expertise, as well as DIFC’s financial ecosystem.

In addition to enhancing existing payment solutions and digital services, the collaboration will focus on creating new ones.

DIFC’s DIFC Launchpad, the first global venture studio, is designed to accelerate the growth of the UAE’s financial ecosystem and enable venture studios to scale from DIFC, serving as a business enabler for them.

The program’s objective is to support the launch of more than 200 new ventures, including over 100 scale-ups, with the potential to generate over 8,000 new jobs and attract more than $544 million in venture capital.

Mastercard’s ultimate goal is to connect and fuel an inclusive digital economy that benefits everyone, everywhere. With its reach spanning more than 210 countries and territories, Mastercard is committed to building a sustainable world that unlocks priceless possibilities for all.

To drive innovation and growth in the fintech industry throughout the Middle East, Dubai International Financial Centre (DIFC) has partnered with Mastercard. This strategic collaboration will provide fintech startups and established companies access to Mastercard’s extensive network and expertise, as well as DIFC’s financial ecosystem. The two entities will focus on developing new payment solutions and digital services while improving existing ones.

“The partnership between fintech companies and established players would enable us to drive digital transformation,” said Amnah Ajmal, Executive Vice President of Market Development for EEMEA at Mastercard. “We are thrilled to be participating in DIFC’s programs to speed up innovation in the financial technology sector with the objective of boosting the country’s digital economy.”

Mohammad Alblooshi, Head of Innovation Hub at DIFC, emphasized DIFC’s commitment to promoting innovation and growth in the fintech industry. The strategic partnership with Mastercard showcases this dedication. “By utilising Mastercard’s knowledge and network, we can empower fintech startups and established companies to create new payment solutions and digital services that enhance the region’s financial ecosystem. Our goal is to expedite the growth of the UAE’s financial sector and serve as a business enabler for venture studios, bringing significant benefits to the fintech sector in the Middle East.”

Join us for the AIBC Asia Summit in Manila this July

Don’t miss the chance to participate in the AIBC Asia Summit in Manila, Philippines from 19 to 22 July 2023. This summit will focus on exploring the latest developments and advancements in emerging technologies in the Asia-Pacific region. It is set to be an exceptional event in collaboration with industry leaders, promising to offer valuable insights from influential speakers, a wealth of knowledge, and perspectives from top innovators in the field. You will also have the opportunity to network with professionals from various industries.