??? UAE's Emergence as a Global Fintech Hub

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?? UAE's Emergence as a Global Fintech Hub

The Background

• The 2-day Dubai Fintech Summit, which just ended yesterday, aimed to set a global benchmark for financial innovation and attract renowned thinkers, policymakers, and decision-makers in the fintech industry.
• The themes addressed included ESG, sustainability, macroeconomics, startup innovation, investment and wealth, the future of fintech and finance, embedded and open finance, digital payments, regulation and policymaking, and crypto and Web3 technologies.

Today’s State of Affairs

• Dubai aims to become a leading fintech hub and global destination for financial services.
• Ripple announced opening a new office in DIFC and bringing Swell Global 2023 to Dubai.
• DBS Group Holdings Ltd plans to expand in Dubai, leveraging the potential growth opportunities and strategic advantages.
• UAE acknowledges the transformative potential of the cryptoeconomy and its impact on the financial industry.
• Al Etihad Credit Bureau and DIFC Innovation Hub provide support and empowerment to fintech startups in the UAE.
• Fasset and the Entertainer collaborate to revolutionize payment options for customers across the UAE.
• Mozn expands into the GCC market through its UAE office, offering innovative regulatory compliance and anti-fraud solutions powered by advanced AI.

What Comes Next?

• The digitization of financial services has made way for safer and more accessible payment transactions, promoting economic development and fostering a more inclusive society by providing opportunities for underserved populations.
• The global fintech market is projected to reach $949 billion by 2030, with a CAGR of 17.2% between 2022 and 2030.
• The MENA region's fintech sector mirrors this growth, attracting $925 million in funding through 131 deals in 2022. The UAE leads the MENA region, accounting for 37% of the total funding.
• Dubai's commitment to fostering a supportive regulatory environment will continue to drive innovation and attract investment in the fintech sector.

By staying informed about these trends and the startups leading the way, you can save yourself a spot in the future by identifying new opportunities and adapting your products to the new trends.

What do you think sets Dubai apart as a leading fintech hub? Share your thoughts below ??

?? Fintech & Payments

? Merchant commerce platform Pine Labs and ICICI Bank are partnering to accept India's digital currency, the Digital Rupee, on Pine Labs' credit card machines.

? Abu Dhabi Global Market is expanding to include Reem Island, making it one of the world's largest financial centres.

? Indonesia's fintech industry is booming with a diverse ecosystem serving over 60 million active users, and almost $1.4 billion in funding in 2022.

? EduFund, the Indian edu-fintech, has raised $3.5 million in Pre-Series A funding, led by MassMutual Ventures, to offers investment products, education loans, and counseling services for parents.

? After India and Brazil, WhatsApp is launching the ability to pay businesses within a chat in Singapore using Stripe solutions.

? Zimbabwe is launching a gold-backed digital currency in an effort to combat inflation.

?? The World of Web3

? Mastercard has partnered with Aptos, Polygon, Avalanche, and Solana to strengthen its position in Web3 and provide tailored consumer and business verification based on market and compliance requirements.

? Singapore and Saudi Arabia-based AI avatar company BuzzAR and Cypher Capital are partnering to create a new Web3 metaverse project called 'Space.'

? Google Cloud and Polygon Labs are collaborating to make it easier for developers to build Web3 products and dApps on Polygon protocols.

?? Crypto & Defi

? Mastercard launched Crypto Credential, a service to improve trust in blockchain networks, enabling verified transactions and easy sharing of wallet addresses.

? Stripe launched a new fiat-crypto payment system to remove barriers to accessing cryptocurrencies for businesses and individuals worldwide.

?? The Future is AI

? Abwaab, the Jordanian ed-tech startup, integrated ChatGPT to provide students with personalized feedback on open-ended questions.

? Talabat introduces 'talabat AI,' an AI grocery shopping assistant powered by ChatGPT, making it the first delivery app in the MENA region to offer this feature.

?? The State of Investment

? Qatar-based super app Snoonu, raised $12 million in a Series B round which was led by the Qatar Development Bank.

? Fingo, a Kenyan fintech backed by Y Combinator, partnered with Ecobank to launch a neobank in Kenya to provide affordable financial services to the country's youth.

? Tarabut Gateway, UAE-based fintech, has completed a $32 million Series A fundraise, led by Pinnacle Capital to expand its footprint in the Saudi market.

? DisrupTech Ventures, the fintech-focused Egyptian VC fund, received a $5 million investment from Proparco to support fintech development in Egypt.

? Everdome, a UAE-based metaverse startup, has received a $60 million investment commitment from GEM Digital to accelerate the development of its metaverse projects.

?? Report of the Week

Crypto Oasis 2023 Report: Created in partnership with the DLT Science Foundation and Roland Berger, this report highlights the global transformation taking place in the realm of Blockchain technology. It showcases the significant developments made across the blockchain sector, the activities of top organizations using Blockchain and Crypto technologies, and the emergence of a global blockchain ecosystem from the UAE. The report features major players in the industry, as well as insightful thought leadership articles from major players in the industry. It will be an essential tool for investors, entrepreneurs, policymakers, and anyone interested in the Blockchain space. Download the full report here .

?? The Podcast for Fintech Enthusiasts

In the latest episode of Couchonomics with Arjun, we interviewed Oliver Hughes , former CEO of Tinkoff, one of Russia's largest digital platforms. Oliver's experience in the finance industry and his role in Tinkoff Credit Systems provided valuable insights into the current and future landscape of digital banking and FinTech. He discussed Tinkoff's transformation from a credit card business to a comprehensive financial lifestyle ecosystem and how lessons from the 2008 financial crisis shaped their success. Oliver emphasized the significance of balance sheet management and profitability in digital banking, cautioning against the lack of discipline observed in neo banking. He also highlighted the challenges traditional banks face in building ecosystems and predicted that digital banks will be the future of B2C business. For a captivating conversation, listen to the full episode .

?? This Week’s Payments News

??? And that brings us to the end of today’s Crunch

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