A strategic collaboration agreement between Mastercard and Dubai International Financial Centre (DIFC), a major financial hub in the Middle East, Africa, and South Asia (MEASA) region, intends to advance digital transformation by collaborating with forward-thinking FinTech firms.
Through their agreement, DIFC and Mastercard will open up their financial ecosystem to FinTech start-ups and established businesses, giving them access to Mastercard's network and experience. The partnership will concentrate on developing fresh digital services and payment options as well as improving current ones.
The goal of DIFC Launchpad, the financial hub's first global venture studio, which aims to accelerate the development of the UAE's financial ecosystem and act as a business facilitator for venture studios by enabling them to launch and expand from DIFC, is supported by Mastercard's partnership with DIFC. Venture studios create start-ups, guiding them through the incubation period and bringing them from the concept stage to launch. They aid startups in expanding by utilising both internal resources and outside networks.
Over 200 new enterprises are anticipated to be launched with the help of the DIFC Launchpad initiative, over 100 of which are scale-ups that are expected to generate over 8,000 new jobs and over $544 million in venture capital.
Mohammad Alblooshi, Head of Innovation Hub at DIFC, said, “At DIFC, we are committed to fostering innovation and growth in the FinTech sector, and our strategic collaboration with Mastercard is a testament to that. By leveraging Mastercard’s expertise and network, we can empower FinTech start-ups and established companies to create new payment solutions and digital services that enhance the region’s financial ecosystem. Together, we aim to fast-track the growth of the UAE’s financial sector and serve as a business enabler for venture studios, bringing about significant benefits to the FinTech sector in the Middle East."