Dubai International Financial Centre (DIFC), the global financial centre in the Middle East, Africa and South Asia region, has signed a strategic collaboration agreement with Mastercard to drive digital transformation in the fintech sector through innovative partnerships.
The partnership will also offer fintech startups and established companies access to Mastercard‘s extensive network and expertise, along with DIFC’s financial ecosystem. The collaboration will focus on creating new payment solutions and digital services while enhancing existing ones.
DIFC’s first global venture studio, DIFC Launchpad, aims to fast-track the growth of the UAE’s financial ecosystem and enable venture studios to scale from DIFC, serving as a business enabler for them.
The DIFC Launchpad program aims to support the launch of over 200 new ventures, including more than 100 scale-ups, with a potential to create over 8,000 new jobs and attract over $544million in venture capital.
Mastercard’s global mission
Mastercard’s mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. With connections across more than 210 countries and territories, Mastercard is building a sustainable world that unlocks priceless possibilities for all.
The partnership between DIFC and Mastercard will equip the fintech sector in the Middle East with the necessary tools and resources to drive innovation and growth in the region’s digital economy. This collaboration has the potential to generate significant benefits for the sector.
“The collaboration between fintech companies and established players would enable us to drive digital transformation,” said Amnah Ajmal, executive vice president, 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.”
Moreover, Mohammad Alblooshi, head of innovation hub at DIFC, stressed DIFC’s dedication to promoting innovation and growth in the fintech sector, highlighting that the strategic partnership with Mastercard demonstrates that commitment.
“By leveraging Mastercard’s expertise and network, we can empower fintech startups 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.”
