Dubai, UAE – Dubai International Financial Centre (DIFC), the leading financial centre in the Middle East, Africa and South Asia (MEASA) region, has signed a collaboration agreement with Mastercard that aims to drive digital transformation through partnerships with innovative FinTech companies.
The partnership between DIFC and Mastercard will provide FinTech start-ups and established companies with access to Mastercard’s network and expertise, as well as DIFC’s financial ecosystem. The collaboration will focus on creating new payment solutions and digital services, as well as enhancing existing ones.
“The collaboration between FinTech companies and established players would enable us to drive digital transformation,” .said Amnah Ajmal, Executive Vice President at Market Development, EEMEA, Mastercard. “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.”
Mastercard’s collaboration with DIFC underpins the objective of the financial hub’s first global Venture Studio – DIFC Launchpad – which seeks to fast-track the growth of the UAE’s financial ecosystem and serve as a business enabler for venture studios, allowing them to set up and scale from DIFC.
Venture studios build start-ups, taking them from the concept stage to launch while providing capital and guidance through the incubation period. They also help start-ups to grow using internal capabilities and external networks.
The DIFC Launchpad programme, expects to support the launch of more than 200 new ventures, with over 100 of them being scale-ups that will collectively create over 8,000 new jobs and attract over $544 million in venture capital.
“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,” Mohammad Alblooshi, Head of Innovation Hub at DIFC, said.. “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.”