FinTechs and banks unite for innovation at DIFC’s Dubai FinTech Summit Dialogues

FinTechs and banks unite for innovation at DIFC’s Dubai FinTech Summit Dialogues

DUBAI, 11th April, 2023 (WAM) –Dubai International Financial Centre (DIFC) hosted the second Dubai FinTech Summit (DFS) Dialogues, powered by the Innovation Hub, where heads of 10 leading regional banks and FinTechs discussed the challenges facing the financial sector and deliberated on how the industry can de-risk and build resilient, sustainable financial institutions.

Recent research by Report Ocean indicates that the global FinTech Lending Market was valued at approximately US$573.05 bn in 2021 and is anticipated to grow with a healthy growth rate of more than 27.4% over the forecast period 2022-2029.

Mohammad AlBlooshi, Head of DIFC Innovation Hub and FinTech Hive, hosted the roundtable and noted, “As an industry predicated on confidence and trust, we are currently seeing the banking sector experience a time of disruption. Given global headwinds, we have an opportunity to build more resilient institutions through collaboration between banks and FinTechs.”

He added, “Through conveners such as this roundtable and the first-ever Dubai FinTech Summit in May, we are facilitating dialogue and avenues of collaboration for long-standing financial institutions, regulators, and promising entrepreneurs to together map out how the sector can - and should - move forward.”

Despite being recognized as a major competitor to banks, the FinTech sector is