A delegation from CIOMajlis visited DIFC FinTech Hive, the premier financial technology accelerator in the MEASA region (Middle East, Africa, and South Asia). This visit aimed to gain a deeper understanding of FinTech Hive’s programs, which are specifically designed to support startups in the areas of Fintech, InsurTech, RegTech, and Islamic Fintech. These programs enable entrepreneurs to develop cutting-edge solutions for the MEASA region’s expansive financial and insurance industries. Additionally, the delegation had the opportunity to explore the success stories of prominent unicorns such as Flybits, CoralX, Crossval, Infinitech, and Uqudo.
Located within the Dubai International Financial Centre (DIFC), one of the world’s most advanced financial centers, FinTech Hive benefits from its association with the leading financial hub in the MEASA region. This area encompasses 72 countries, boasting a combined population of approximately 3 billion people and a nominal GDP of US$7.7 trillion.
DIFC boasts an internationally recognized and independent regulatory body, supported by a robust judicial system based on the English common law framework. The financial center is home to a thriving ecosystem, hosting over 2,500 active registered companies and employing more than 25,600 professionals. This diverse pool of industry talent positions DIFC as the largest financial ecosystem in the region.
DIFC is renowned for providing an extensive range of resources to foster FinTech innovation and facilitate venture capital endeavors. The financial center offers cost-effective licensing solutions, tailored regulations, forward-thinking accelerator programs, and funding opportunities for growth-stage start-ups. As a result, DIFC has become one of the most comprehensive environments for FinTech and venture capital activities in the region.