Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region and home to the largest, most developed FinTech ecosystem in the region has been awarded ‘FinTech Hub of the Year’ in the FinX awards. This accolade reflects DIFC’s achievements as a global hub for innovation and excellence and further cements DIFC’s reputation as one of the world’s most dynamic financial centres.

The award was presented on the 2 October 2019 in Dubai and recognises the hub’s achievements across the five pillars of the FinTech ecosystem. These include an enabling regulatory and judicial system, a dynamic and robust community of licensed FinTech organisations, established sector specialists and innovative start-ups, strong collaborative relationships with international FinTech bodies, as well as access to capital and mentorship.

The FinX Awards 2019 celebrate innovation and entrepreneurship in the financial technology ecosystem in the Middle East and North Africa region and recognise innovation, excellence, and best practice shaping the future of financial services.

Commenting on the award, Peyman Al Awadhi, Senior Vice President – Official Spokesperson at DIFC Authority, said: “We are pleased to receive the FinX Fintech Hub of the Year award. This accolade reinforces DIFC as a top ten global financial centre and a leading hub for innovation which further cements our reputation as one of the world’s most advanced and dynamic financial centres. We will continue developing a pioneering digital infrastructure where leading institutions could collaborate with sector innovators to deliver solutions to sector challenges and maximise the financial services opportunities of the future.”

Al Awadhi continued: “This prestigious award reflects not only the Centre’s achievements in attracting a diverse community of highly innovative Fintech organisations, but recognises the robust judiciary and regulatory environment we have put in place to enable these organisations to thrive. Our holistic ecosystem we offer to start-ups with access to mentorship and a dedicated FinTech Fund, have been key drivers of enabling us to deliver on our vision to become the leading international centre for financial sector disruption.”

The significant emphasis on financial technology and innovation is part of DIFC’s ongoing efforts to shape the future of finance in MEASA region and the Centre’s sustained focus on unlocking the potential of FinTech in the region. The DIFC has already seen a marked increase in the number of firms that make up its dynamic innovation technology ecosystem, which increased in size from 80 to 200 companies during the first nine months of 2019. Similarly, the number of licensed FinTech firms operating in the Centre amplified from 35 to more than 100 firms, a three-fold growth since the end of 2018.

Dubai continues to be recognised on the global stage as a dynamic and innovative business environment. The DIFC has delivered outstanding performance across both institutional and financial technology sectors. DIFC offers all the elements found in the world’s most successful financial ecosystems, including an independent regulatory and judicial system, a global financial exchange, access to funding, a dynamic and enabling sector environment, complemented by a diverse and cosmopolitan talent pool and a vibrant business community.