DIFC receives 'Best Financial Innovation Lab' award

The Dubai International Financial Centre, DIFC's FinTech Hive, a "financial revolution accelerator", was awarded the 'Best Financial Innovation Lab - Dubai' by Global Finance magazine.

The award, presented during a ceremony on 10th September 2019, in Dubai, recognised the DIFC FinTech Hive for its efforts in enabling start-ups and emerging technology leaders to develop revolutionary solutions to resolve financial sector challenges. The award highlights the Centre’s sustained efforts to transform the region’s FinTech ecosystem and drive sustainable economic growth. DIFC FinTech Hive was amongst the 25 financial innovation labs across the globe, and the only accelerator in the Middle East, to receive the accolade.

Commenting on the award win, Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive, said, "This award highlights the role of the DIFC FinTech Hive, as part of the centre’s broader FinTech ecosystem, in creating a collaborative environment that encourages, supports and empowers the business leaders of the future to create ground-breaking technology and deliver new financial solutions."

He added, "The centre is a pivotal hub driving innovation, delivering financial sector solutions and facilitating new pathways for growth. The DIFC has been actively working towards supporting and expediting growth in this area by developing our cutting-edge digital infrastructure and enhancing our already attractive FinTech ecosystem, which allows entrepreneurs access to new opportunities and enables innovation to thrive. This award further underscores the potential of the region and the strong promise of the DIFC as the destination generating exponential growth".

The significant emphasis on FinTech and innovation is part of the centre’s continued efforts to shape the future of finance in the MEASA region. The DIFC has seen a marked increase in the number of firms that make up its dynamic FinTech ecosystem, which has more than doubled in size from over 80 to 200 companies during the first six months of 2019.

The DIFC FinTech Hive continues to grow in momentum and recently announced the commencement of the 2019 edition of its accelerator programme. The third edition of the programme, which was launched in early September 2019, received an overwhelming response with more than 425 applications from across the world, including Asia, Europe, North Africa and the Middle East, with a broader scope to include FinTech, InsurTech, RegTech and Islamic FinTech.

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