Dubai International Financial Center (DIFC), the top financial hub in the MEASA region, has joined forces with Mastercard to promote digital innovation through partnerships with innovative FinTech firms. This collaboration between Mastercard and DIFC will enable both startups and established FinTech firms to benefit from Mastercard’s network and expertise, as well as DIFC’s exceptional financial ecosystem. The objective of this partnership is to develop novel payment solutions and digital services, while also improving existing ones.
“At Mastercard, we are committed to driving innovation through collaboration between different players in the financial ecosystem. The collaboration between FinTech companies and established players would enable us to drive digital transformation. We are delighted to participate in DIFC’s programmes to accelerate innovation in the financial technology sector with the aim of boosting the country’s digital economy,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.
Ajmal explained that Mastercard’s collaboration with DIFC supports the goals of DIFC Launchpad, which is the financial hub’s inaugural global Venture Studio. This initiative aims to expedite the development of the UAE’s financial ecosystem and facilitate venture studios to establish and expand their operations from DIFC. Venture studios are entities that develop start-ups from their conceptualization to their launch, providing funding and guidance throughout the incubation phase. They also support start-ups in expanding by leveraging their internal resources and external networks. The DIFC Launchpad program is anticipated to facilitate the launch of over 200 new ventures, including over 100 scale-ups, resulting in the creation of over 8,000 new job opportunities and the attraction of more than $544 million in venture capital.
Mohammad Alblooshi, Head of Innovation Hub at DIFC, said: “We are committed to fostering innovation and growth in the FinTech sector, and our strategic collaboration with Mastercard is a testament to that. By leveraging Mastercard’s expertise and network, we can empower FinTech start-ups and established companies to create new payment solutions and digital services that enhance the region’s financial ecosystem.”
“Together, we aim to fast-track the growth of the UAE’s financial sector and serve as a business enabler for venture studios, bringing about significant benefits to the FinTech sector in the Middle East,” he added.
