Dubai: Dubai International Financial Centre (DIFC) has announced the second edition of the Dubai FinTech Summit, take place from May 6th to 7th of 2024. The summit will be held under the patronage of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance of the UAE, and President of DIFC.
The first edition of the Dubai Fintech Summit attracted 5,300 visitors from 92 countries. The focus of the event was on the increasing transition from cash to digital payment methods. It emphasized the need for accelerated investment in digital banking services, e-commerce websites, and contactless payments. According to Visa, a co-host sponsor of the event, the majority of consumers in the UAE prefer digital payments over cash, with four in five surveyed individuals stating that they would switch merchants based on the available payment methods.
“With the industry growing at an unprecedented pace, the 2024 Dubai FinTech Summit will provide an invaluable platform for industry leaders and experts to come together, discuss opportunities, and draw the blueprint that will continue to guide the future of finance,” the CEO further added.
The summit saw the signing of over 20 Memoranda of Understanding (MoUs) between DIFC and global financial leaders, with 12 MoUs being inked during the event alone. These agreements included collaborations with renowned institutions like Standard Chartered Bank, which plans to launch digital asset custody services for institutional clients globally (subject to regulatory approval).
The growth potential of the fintech sector in the region was highlighted by the presence of Mr. Brad Garlinghouse, CEO of Ripple, who announced the company’s plans to expand into the Middle East. Ripple, a leading crypto solutions provider, intends to leverage Dubai’s forward-thinking regulatory framework and ecosystem by opening its first regional hub in Dubai at DIFC. The global crypto exchange Coinbase conveyed its interest in exploring the UAE as a potential hub for operations in the Middle East, Africa, and Asia.
The event was supported by finance and technology company, VISA as co-host sponsor, e& as headline sponsor, Geidea as the presenting sponsor, Finvasia, Emirates NBD and Paxos as lead sponsors, BLUE, Standard Chartered Bank, Ripple and Fasset as Platinum Sponsors, atPay, Dubai Financial Market and Commercial Bank of Dubai as Gold Sponsors and Huawei is the Lead Cloud Sponsor.