DIFC sees an upswing of Asian fintech startups
The Dubai Financial Centre (DIFC) is seeing increased interest from financial services and fintech-based startups, especially from the Asia Pacific region.
Several companies in the fintech and financial services sector, belonging to Singapore, Southeast Asia and Asia-Pacific regions, are looking to set up their businesses in Dubai Financial Centre (DIFC).
The Dubai-based financial hub said there is a huge interest from Southeast Asian startups, especially from Singapore, and others in the Asia Pacific region to expand their business in the city.
According to a report by Zawya, DIFC said that the region is becoming lucrative following various initiatives taken by the government, including the new long-term golden visa opportunity and incentives for tech players and companies.
The hub stated that the number of fintech firms that joined DIFC during the first nine months of the year has exceeded the total for the entire of 2021.
Its fintech accelerator initiative—DIFC FinTech Hive—has attracted over 3,000 applications from across the world. The hub reported that these companies are now seeking newer opportunities to scale beyond their borders, looking to expand into new markets with a demand for their services and products.
A DIFC FinTech Hive report said that between January and September 2022, fintech businesses based out of DIFC got more than $559 million in funding. The overall funding for the sector has doubled, with startups in the Middle East and North Africa (MENA) region raising over $998 million in 2021, up by 78% in the preceding year.
Edited by Suman Singh
