(MENAFN- Emirates News Agency (WAM)) DUBAI, 3rd May, 2023 (WAM) -- Dubai is set to host the first-ever Dubai FinTech Summit on 8th and 9th May under the patronage of H.H. sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy ruler of Dubai, Deputy Prime Minister and Minister of Finance.
The Summit will be organised by Dubai International financial Centre (DIFC) at Madinat Jumeirah and will bring together over 5,000 global FinTech C-suite executives and technology experts to discuss the latest innovations and challenges in the sector.
The global FinTech sector is rapidly growing and is predicted to be valued at $305 billion globally by 2025, according to Research and Markets, an intelligence and market analysis firm. In the Middle East, Africa, and South Asia (MEASA) region, the industry is expected to double in value from $135.9 billion in 2021 to $266.9 billion in 2027, according to the 2022 report by DIFC FinTech Hive.
The Dubai FinTech Summit will offer a unique platform for startups, investors, and industry leaders to connect and capitalise on the growing FinTech market in the region and beyond. The MENA region's FinTech startup and venture capital landscape is booming, with over 800 FinTech startups worth $15.5 billion, according to data by dealroom.co.
Dubai alone is home to over 20% of the world's FinTech businesses, according to the UAE Fintech Market – Growth, Trends, and Forecasts (2023 - 2028) Report by Mordor Intelligence. The FinTech Summit will feature a series of panel discussions, fireside chats, and over 100 FinTech exhibitors.
Mastercard's 2022 Digital Payments Index report reveals that digital payments are gaining traction in the MENA region. More than 85% of respondents reported using at least one emerging payment method in the past 12 months, indicating a shift away from cash-based transactions.
Among MENA countries, the UAE stands out as being ready to embrace a cashless society. According to the event's co-host sponsor Visa, 52% of UAE consumers are already cashless or plan to be by 2024.
The Summit will feature a lineup of distinguished speakers from both local and international arenas. Notable speakers include Abdullah bin Touq Al Marri, Minister of Economy; Bill Winters, Group Chief Executive of Standard Chartered; Brad Garlinghouse, CEO of Ripple; Piyush Gupta, CEO of DBS Bank Singapore; Jenny Johnson, President and CEO of Franklin Templeton; and Brian Armstrong, CEO and Co-Founder of Coinbase, among others.
Mohammad Alblooshi, Head of DIFC Innovation Hub and FinTech Hive, underscored the importance of the Dubai FinTech Summit, saying,“Nearly 60% of all FinTech companies in the GCC are currently based in the city. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai FinTech Summit promises to bring together the most prominent figures in the industry with an agenda that will captivate and inspire audiences worldwide.”
The Summit will offer attendees a platform to participate in discussions and exchange ideas on emerging trends, regulatory frameworks, and future possibilities. The event will feature discussions on a range of topics, including 'Building the Economies of the Future', 'Crypto and the Evolving Regulatory Framework', 'The World of Finance: Where are the Women?', and 'Building a Resilient and Sustainable Financial Sector in the Age of Disruption'.
Participants will have the opportunity to gain valuable insights on these critical issues from industry leaders and experts.
The panel discussions will offer a platform for experts to share their insights on current and future issues in the FinTech industry and explore how they can shape the future of the financial sector. The agenda promises to be informative and insightful, providing valuable opportunities for networking and collaboration among participants.