Dubai FinTech Summit 2024: Catalysing the MEASA Financial Ecosystem

Scheduled for May 6-7, 2024, the Dubai FinTech Summit 2024, organised by the Dubai International Financial Centre (DIFC) — under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and President of DIFC — is expected to attract over 8,000 industry leaders, testament to Dubai’s growing status as a global economic and financial hub.

In this exclusive interview with Gulf Business, Mohammad Alblooshi, CEO of DIFC Innovation Hub,  unveils the summit’s strategic vision and sheds light on the critical questions shaping the future of Finance.

How does the Dubai FinTech Summit 2024 align with the Dubai Economic Agenda D33’s goal of positioning Dubai among the top four global financial hubs by 2033? 

The Dubai FinTech Summit is more than an event; it is a strategic platform aligned with Dubai’s vision to become one of the top four global financial hubs by 2033, showcasing our commitment to innovation, excellence, and forward-thinking leadership in the financial sector.

As Dubai positions itself as a global financial leader, how will the Summit contribute to this vision, particularly in the Middle East, Africa, and South Asia (MEASA) region?

As the leading global financial centre in the MEASA region, DIFC provides a unique platform for the Summit where regional voices are heard, local innovations are showcased, and unique challenges are addressed. We leverage our extensive network and expertise to connect FinTech players with regional opportunities and resources. This strengthens Dubai’s role as a gateway, enabling cross-border collaboration and driving FinTech innovation across the region and beyond.

What are some of the biggest challenges and opportunities facing the FinTech industry today, and how will the summit address these?

The FinTech industry is at a pivotal crossroad, facing challenges such as regulatory complexity and technological disruption, while also embracing opportunities in digital banking, blockchain, and AI. The Summit is designed to address these dichotomies, facilitating dialogues and workshops that focus on innovative solutions, regulatory harmonisation, and leveraging technology for financial inclusivity and resilience – thus fostering a robust and sustainable FinTech ecosystem.

What are some of the key trends you see shaping the future of FinTech?

We are witnessing a rapid evolution in FinTech, with trends like open banking, decentralised finance (DeFi), and the metaverse shaping the future of FinTech. The Summit will delve into these trends, offering insights into how they will redefine banking, investment, and financial services in the coming years.

What unique growth opportunities will the Dubai FinTech Summit present for investors and companies in the financial sector?

The Dubai FinTech Summit represents a unique convergence of growth opportunities for investors and companies. It is a gateway to emerging markets, offering access to innovative startups, potential partnerships, and insights into regional market dynamics. Investors and companies attending the Summit can expect to explore lucrative investment avenues and collaborative projects that promise substantial returns and strategic growth.

How is the DIFC Innovation Hub working with regulators to create a conducive environment for FinTech innovation and investment? 

Dubai offers access to opportunities for expansion and innovation in high-growth emerging markets, underpinned by a world-class financial, regulatory and innovation ecosystem. DIFC is continuously innovating to advance its global ecosystem to help facilitate economic growth central to the Centre’s Strategy 2030. The DIFC Innovation Hub is in constant dialogue with regulators to foster a conducive environment for FinTech innovation and investment. Our focus is on regulatory frameworks that encourage innovation while ensuring market integrity and consumer protection. By bridging the gap between innovators and regulators, we are setting the stage for sustainable and responsible growth in FinTech and finance.

With sustainability being a global focus, how is the Summit addressing sustainable finance and ESG (Environmental, Social, and Governance) criteria within the FinTech sector?

Sustainability is a critical focus of the Summit. We are integrating ESG criteria into the FinTech dialogue, exploring how technology can drive sustainable finance. Sessions will cover green finance, impact investing, and how FinTech can support global sustainability goals, demonstrating our commitment to a future where financial success and sustainability go hand in hand.

What role does the Summit play in supporting the growth of FinTech startups and entrepreneurs in the region? 

The Summit is a vibrant ecosystem for FinTech startups and entrepreneurs, offering them exposure, networking opportunities, and access to funding. We are dedicated to nurturing these innovators, providing them with the resources and support they need to thrive. Our accelerator programs, mentorship opportunities, and talent acquisition platforms provide startups and individuals with the resources and guidance they need to succeed. This fosters a vibrant and diverse FinTech community in Dubai.

Looking beyond the 2024 Summit, what are the long-term plans or vision for Dubai’s role in the global financial landscape, particularly in FinTech innovation?

We envision Dubai as a global leader in FinTech. Our aim is to continually foster innovation, attract top talent and investment, and maintain a cutting-edge regulatory framework.