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Dubai Chamber of Digital Economy addresses challenges faced by fintechs

by Dubaiforum

DUABI, 8th February, 2023 (WAM) — Dubai Chamber of Digital Economy has conducted the latest instalment of its series of interactive workshops, a session on the fintech sector to discuss the challenges and prospects within the various sectors of the digital economy.

In the presence of Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy, representatives of financial technology companies presented their visions and ideas about the challenges and opportunities in the fintech sector, laying the groundwork for a clear roadmap to develop and support the sector.

The event is the fourth in the Chamber’s interactive workshop series that address the role of the various economic sectors and digital industries in Dubai’s digital economy, exploring ways to enhance performance across these sectors, and develop them to better serve the emirate’s plans.

Al Olama pointed out, “Our priority is to advance Dubai’s status as a capital of the digital economy, which makes these workshops all the more important given their role in supporting the fintech ecosystem in Dubai, and offering participants a platform to transparently discuss challenges and gain key insights on current trends affecting the fintech sector.”

He added, “Dubai is known for its strong entrepreneurial spirit as well as a vibrant startup and fintech ecosystem. The role of the Dubai Chamber of Digital Economy is to continuously support the growth of Dubai’s digital economy and cement Dubai’s position as a dynamic business hub. We are confident that dialogue with all relevant entities is the correct approach to develop the digital economy and boost its competitiveness.”

In 2021, all startups across the entire country raised US$1.2 billion, the vast majority of which went to Dubai-based startups. According to a recent report by the Dubai Chamber of Digital Economy, Dubai’s startups raised more than US$2 billion in funding by the end of October 2022, while fintech in the UAE raised US$430 million in funding by the end of October 2022, closing 59 deals – the greatest number of deals made in the first 10 months of 2022.

This workshop elaborated on topics surrounding regulations, legislation, laws, funding, talent, and infrastructure as integral parts of the fintech ecosystem. The Chamber is committed to involving all relevant parties in building a roadmap and finding solutions to the challenges discussed and looks forward to reconvening with representatives of these sectors in the near future to continue the conversation and track the progress that the discussions, ideas, and initiatives have made.

Dubai Chamber of Digital Economy plays a prominent role in engaging stakeholders from various digital sectors to promote an environment that is truly conducive to the growth of the digital economy and the role of advanced technology in society.

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