Mastercard and DIFC to drive digital transformation by partnering with FinTech companiesApril 19, 2023 | Dubai, UAE
- The partnership will provide FinTech companies with access to Mastercard's network and expertise and DIFC's world-class financial ecosystem
Dubai, UAE; 19 April 2023: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, has signed a strategic collaboration agreement with Mastercard that aims to drive digital transformation through partnerships with innovative FinTech companies.
The partnership between DIFC and Mastercard will provide FinTech start-ups and established companies with access to Mastercard's network and expertise, as well as DIFC's world-class financial ecosystem. The collaboration will focus on creating new payment solutions and digital services, as well as enhancing existing ones.
“At Mastercard, we are committed to driving innovation through collaboration between different players in the financial ecosystem. The collaboration between FinTech companies and established players would enable us to drive digital transformation. We are delighted to participate in DIFC’s programmes to accelerate innovation in the financial technology sector with the aim of boosting the country’s digital economy,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.
Mastercard’s collaboration with DIFC underpins the objective of the financial hub’s first global Venture Studio – DIFC Launchpad – which seeks to fast-track the growth of the UAE’s financial ecosystem and serve as a business enabler for venture studios, allowing them to set up and scale from DIFC. Venture studios build start-ups, taking them from the concept stage to launch while providing capital and guidance through the incubation period. They also help start-ups to grow using internal capabilities and external networks.
The DIFC Launchpad programme expects to support the launch of more than 200 new ventures, with over 100 of them being scale-ups that will collectively create over 8,000 new jobs and attract 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.”
The collaboration between DIFC and Mastercard is expected to bring about significant benefits to the fintech sector in the Middle East, providing them with the tools and resources needed to drive innovation and growth in the region's digital economy.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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