Access to funding, expertise and collaboration between regulators and FinTech players will support innovation in the finance industry going forward, senior officials have said.
“The financial industry is undergoing a profound and unprecedented transformation powered by digital technologies and innovation that are reshaping payments, lending, insurance and wealth management,” Essa Kazim, governor of Dubai International Financial Centre, said on Tuesday.
Mr Kazim was speaking at DIFC FinTech Week, a two-day event for key players in the sector to discuss the future drivers of growth in financial services.
“Financial services will become more efficient, competitive, inclusive and decentralised,” Mr Kazim said.
Demand for digital payments and other FinTech services has grown during the pandemic as more people use online banking services and other contactless technologies to transfer money and pay for e-commerce transactions.
In the Middle East, the FinTech sector is undergoing rapid expansion. By 2022, more than 800 FinTech companies operating in different segments such as payments, InsureTech and cyber security are projected to raise more than $2 billion in venture capital funding to boost their growth, UAE lender Mashreq said in February, citing data from the Middle East Institute.
Read More : https://www.thenationalnews.com/business/money/2022/06/28/uae-fintech-sector-to-benefit-from-access-to-funding-and-expertise/
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