Dubai fintechs have $615m in funding power

Dubai fintechs have $615m in funding power

Dubai: Dubai fintechs raised a combined $615 million last year - and now, they are exploring new services such as peer-to-peer lending, digital wallets, and robo-advisory services, said Essa Kazim, Governor of Dubai International Financial Centre (DIFC). The fintech sector has emerged as a key driver of innovation and economic growth in line with Dubai’s Economic Agenda (D33) and be one of the top four global financial hubs, said Kazim at the opening ceremony of the Dubai FinTech Summit. Dubai had garnered investment in the sector while the rest of the world faces unprecedented challenges of navigating an economic slowdown and combatting inflation. “At the same time, we are seeing a massive surge in the adoption of fintech solutions as users become increasingly tech-savvy,” he added. A major competitor to banks, the fintech sector is expected to double in size from over $135 billion in 2021 to close to $270 billion in 2027, said Kazim, citing the DIFC Fintech Hive’s 2022 Report. “AI has become one of the most popular ways of innovating within the world of finance. Concepts like embedded finance, open banking, and blockchain have taken the world of banking and finance by storm.” Also, there are region-wide