DIFC FinTech Hive has been awarded Best Financial Innovation Lab - Dubai by Global Finance magazine, acknowledging its efforts to enable start-ups and second-stage FinTech companies to deliver breakthrough concepts in financial services.

The Dubai International Financial Centre’s (DIFC) efforts, aligned with Dubai Plan 2021 and its own growth strategy, which will see the DIFC triple in size by 2024.

The award highlights the Centre’s sustained efforts to transform the region’s FinTech ecosystem and drive sustainable economic growth.  DIFC FinTech Hive was amongst 25 financial innovation labs across the globe, and the only accelerator in the Middle East, to receive the accolade.  The award reinforced DIFC’s position amongst its global peers, including hubs in London, Frankfurt, New York, Singapore and Hong Kong.

The recognition by Global Finance’s editorial board of sector specialists and business commentators has been greeted by DIFC as testament to the vast potential of financial technology to deliver breakthrough benefits, ignite economies and unlock growth.

The inclusion of DIFC FinTech Hive as a Top25 Financial Innovation Lab further bolsters the global status of DIFC as a pioneering business hub and supports Dubai’s recent ranking as the seventh FinTech location globally for Economic Potential, by fDi Markets – The Financial Times and as atop 10 FinTech hub by Financial Times Group’s The Banker.

Raja Al Mazrouei, executive vice president of DIFC FinTech Hive, said: “This award highlights the role of DIFC FinTech Hive, as part of the Centre’s broader FinTech ecosystem, in creating a collaborative environment that encourages, supports and empowers the business leaders of the future to create ground-breaking technology and deliver new financial solutions.”

“The Centre is a pivotal hub driving innovation, delivering financial sector solutions and facilitating new pathways for growth. The DIFC has been actively working towards supporting and expediting growth in this area by developing our cutting-edge digital infrastructure and enhancing our already attractive FinTech ecosystem which allows entrepreneurs access to new opportunities and enables innovation to thrive. This award further underscores the potential of the region and the strong promise of DIFC as the destination generating exponential growth”.

The significant emphasis on FinTech and innovation is part of the Centre’s continued efforts to shape the future of finance in MEASA region. The DIFC has seen a marked increase in the number of firms that make up its dynamic FinTech ecosystem, which more than doubled in size from over 80 to 200 companies during the first six months of 2019. – TradeArabia News Service