Dubai International Financial Centre (DIFC) has announced that during the first nine months of 2022, the number of FinTech and innovation firms joining DIFC exceeded the total that established operations during the whole of 2021.
Amongst that number are graduating start-ups from this year’s DIFC FinTech Hive programme cohort. The first and largest FinTech accelerator programme in the region has now attracted more than 3,000 applications from all over the world, which have been whittled down to 200 participants, based on their ideas and ability to generate revenue. The programme has delivered more than 100 proof of concepts with the support of over 65 partners.
DIFC is currently seeing elevated levels of interest from FinTechs in Singapore, Southeast Asian and Asia-Pacific markets. DIFC’s comprehensive FinTech and innovation proposition has created unparalleled opportunities for success for start-ups, global players and unicorns. The continually growing platform includes access to education, entrepreneurship, and accelerator programmes, mentoring and networking, operating and regulatory licences, and funding and expertise through venture studios – all under one cost-effective roof – that presents the ultimate platform to innovate and scale.
Reflecting the continued importance of the FinTech and innovation sector, DIFC has appointed Mohammad AlBlooshi as the Vice President and Head of DIFC Innovation Hub. Mohammad, a UAE National who has gained extensive experience at the Centre, will provide leadership for the DIFC Innovation Hub, which will incorporate FinTech Hive, Venture Studio Launchpad, Dubai FinTech Summit and new initiatives that will launch in 2023.
Arif Amiri, CEO of DIFC Authority, said: “In recent years, DIFC has remained at the forefront of innovation, attracting more than 600 start-ups, growth stage companies and unicorns to Dubai. These businesses are now making a sizeable contribution to our economy. To continue building momentum, it is the right time for us to strengthen our offerings by bringing more innovation propositions together under a new leader.”
Between January and September 2022, DIFC-based FinTech firms secured more than AED two billion (USD 559 million) of funding, according to DIFC FinTech Hive’s 2022 FinTech Report. Funding activity for FinTech nearly doubled in 2021 and start-ups in MENA raised USD 998 million in 2021, a 78 per cent increase from 2020.
