Fintech: Dubai looks at the financing technology of the future

With rising inflation, interest rate hikes and political uncertainties the global economy is weathering a difficult storm, but one sector that has fared better than others is, financial technology or Fintech.

FinTech usually refers to software, technology and mobile apps, created to improve, automate and adapt traditional forms of finance for businesses and consumers.

According to research company Statista, digital payments are expected to grow to 7.92 trillion euros  by 2024, from 4.22 trillion euros in 2020.

At the Dubai International Financial Centre or (DIFC's) Fintech Week, the thought leadership conference took a deep dive into the latest opportunities, challenges, and technology trends driving the region’s financial services sector.

The inaugural event was bolstered by news that fintech is the fastest growing sector for DIFC, contributing more than 35% to the total number of companies that have been established over the last 12 months.

The Governor of Dubai International Financial Centre (DIFC) Essa Kazim said part of that success was down to the establishment of a hub that supports fintech companies from incubator to accelerator and investment stage.

“We do have this integrated ecosystem which has created a very conducive environment for them to grow and flourish. In parallel, we've been working to really create a regulatory environment with the best practices and international standards.”

From tech talks to showcases and panel discussions the brought together investors and companies seeking solutions for the blockchain and fintech sector.

Experts at the fintech week said that Dubai will become a launchpad for global entrepreneurs to build and scale across the Middle East and Africa region thanks to expertise and