Twice a week, The Fintech Times News Roundup highlights the latest international fintech stories. Here we take a look back at some of the initiatives supporting the growth of fintechs in 2020.
DIFC unveils innovation licence
September saw Dubai International Financial Centre (DIFC) unveil a new licence for startups, entrepreneurs and technology firms wanting to operate in Dubai.
It has high hopes that the ‘exciting new offering’ would attract technology-led, sector agnostic startups that will disrupt the fintech sector.
Businesses have access to DIFC’s co-working and flexible desk spaces and can also secure up to four visas when renting desk space. That’s as well as a 50 per cent subsidy on additional visas.
Help for expanding into Saudi Arabia
Meanwhile, AstroLabs unveiled setupinsaudi.com in September to help companies set up 100 per cent foreign-owned entity in the Kingdom of Saudi Arabia.
The online resource aims to simplify the complex business establishment procedure through a 16-step process.
This includes detailed information on requirements and offers a dedicated specialised operations team in Riyadh to manage end-to-end processes for businesses.
Fintech recognition for Singapore and China talent
AMTD and Global FinTech Institute joined forces to ‘support and anchor’ the Chartered FinTech Professional (CFtP) qualification.
AMTD will also offer 20 scholarships to the Singapore University of Social Sciences and the Shanghai University of Finance and Economics.
The CFtP aims to promote the fintech sector, while raising the level of professionalism within the industry.
Tel-Aviv drives innovation through data
Meanwhile, the Tel-Aviv Stock Exchange aimed to attract high-tech and fintech entities following the launch of a new data system.
The API-based TASE Data Hub offers daily data, end-of-day data and historical data, using customised parameters.
Ittai Ben Zeev, CEO of The Tel-Aviv Stock Exchange, said: “We expect [the Hub] will be conducive to innovation in the capital market and attract high-tech and fintech entities to TASE.”
Transforming fintechs in capital markets
Finally, United Fintech launched with the plan to acquire and scale up a range of small to medium-sized engineering-led fintech companies.
The brainchild of fintech expert Christian Frahm, United Fintech is aimed at addressing ‘the issue that it is typically both complicated and resource-intensive for larger institutions to onboard new technology solutions’.
Over the next five years, United Fintech plans to acquire and scale up a range of innovative SMEs and engineering-led fintechs, all with a proven capital markets product.