Fintech Companies affect technology and invention that targets to contest with traditional fiscal approaches within the delivery of monetary facilities. It’s an emergent industry that practices technology to enhance activities in finance. The usage of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are instances of technologies targeting to form financial services more manageable to the overall public. Financial technology firms contains both startups and recognized financial organizations and technology companies trying to substitute or improve the practice of monetary services provided by present financial companies.
Dubai currently is acknowledged as one of the world’s top 10 international centers and therefore, a leading financial hub within the Middle East, Africa and South Asia (MEASA), the DIFC is well-positioned to make a longer term advantage of the finance industry within the constituency and aid as a platform to access these enormous prospects.
Arif Amiri, CEO of the DIFC Authority, told in one of his interviews:
Dubai fintechs are gaining momentum and with tremendous government support, growth is inevitable.
Mr. Amiri said: “Over the last three years, we’ve been ready to build the region’s most comprehensive offering for fintech firms. Over 160 fintech companies now operate from the DIFC. A part of our commitment includes investing in start-ups through our $100 million fintech fund. We invest to demonstrate our commitment to developing the world and to assist drive sustainable economic process for Dubai. These start-ups will help us drive the longer term of finance.”
DIFC facilitates a faithful commercial license, explicitly developed for FinTech, RegTech and InsurTech firms, permitting them to function within the middle-east. This cost effective structure allows potential start-ups from across the world to profit from the center’s world class set-up at regular licensing pricing.
The Dubai Financial Services Authority (DFSA), the Centre’s self-governing controlling body, is endlessly improving its supervisory outline to support ground-breaking business models, products and facilities. With the introduction of its Innovation Testing License (ITL), the DFSA delivers a measured environment for a firm to nurture and test innovative FinTech concepts without being subject to the regulatory requirements that might otherwise apply thereto as an Authorized Firm.
With advancement of support in the region, setting up a Fintech company DIFC can prove to be highly advantageous.
This blog is written by Ms. Anushka Singh, Partner Relation Executive at Flyingcolour Business Setup, VAT and Accounting Services, Dubai. If you have any question regarding starting a Fintech company in DIFC, Dubai or anywhere across the UAE then please contact us at +971 4 4542366 or email us at info[at]flyingcolour[dot]com.
Please Note: This article was published on 10th October, 2020. The information provided in the article is based on the policies and rules applicable at the time of writing it. Talk to one of our consultants for any recent update or change.