DIFC set to grow its fintech base with new ‘Innovation Hub’

DIFC set to grow its fintech base with new ‘Innovation Hub’

The Dubai International Financial Centre is set to attract more fintechs after the inauguration of its startup incubator, the DIFC Innovation Hub.

Fintechs looking to get financially regulated can make use of the Innovation Testing License (ITL) programme, a regulatory sandbox with a path to a full license, as well as DIFC's broader Innovation License, a subsidised commercial license for non-regulated innovation companies.

Startups also benefit from access to networking and proximity to industry experts, mentor and partner organisations.

In addition to being considered by the DIFC FinTech Fund, venture capital (VC) firms from DIFC's and the region's broader ecosystem are using the DIFC Innovation Hub to identify businesses for future investment.

Read: FinTech firm Ripple chooses Dubai's DIFC for regional headquarters

The UAE accounts for over 60 per cent of