Fintech
Shaping the future of finance: Dubai Fintech Summit 2024
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THE Dubai Fintech Summit 2024Held from 6 to 7 May 2024 at Madinat Jumeirah, it was held as a landmark gathering of pioneers, innovators and visionaries of global finance.
The second edition of the event, organized by the Dubai International Financial Center (DIFC), was organized under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the United Arab Emirates United.
Attracting more than 8,000 participants from 118 countries, the Summit served as a melting pot of ideas, perspectives and collaborations between various stakeholders globally. fintech sector. Over 125 discussions took place over the course of the two-day event, delving into multiple areas of fintech innovation, from regulatory frameworks and investment trends to sustainable finance and the future of banking.
The Summit’s success comes from its ability to create valuable connections and spark actionable insights. From day one, participants were encouraged to have open discussions, question traditional ideas, and work together to solve the financial industry’s biggest challenges. Indeed, the summit was also an important testament to the aspirations outlined in Dubai Economic Agenda D33, which outlines the Emirate’s mission to become a global fintech hub by 2033.
Dignitaries at the Dubai Fintech Summit 2024. Source: Dubai Fintech Summit 2024
This was the sentiment highlighted by Arif Amiri, CEO of DIFC Authority, during his keynote speech at the event where he noted that fintech is set to deliver an additional 5% of global financial services revenues this year alone. He further stated that by 2030 fintech could determine well over 25% of bank valuations. “Fintech is not just reshaping individual financial habits; it is disrupting traditional financial institutions,” Amiri added. “Surprisingly, global fintech revenues have increased six-fold in recent years. Once-niche cryptocurrencies have gained mainstream acceptance, pushing their market capitalization past an astonishing $3 trillion.”
The true value of the Summit therefore lay in its impact, as it served as a springboard for major announcements and collaborations intended to reshape the financial sector. “The Dubai Fintech Summit is not just a meeting, it is a platform for transformative discussions and collective action,” noted HE Essa Kazim, Governor of the DIFC.
The event also saw several strategic partnerships and expansion plans take shape. Over 50 memoranda of understanding (MoU) were signed during the event, underlining the collective commitment to foster innovation and collaboration across borders. Notable announcements include the expansion plans of Revolut, a London-based global neobank and financial technology company, as well as the reopening of the Dubai offices of State Street Global Advisors, the investment management arm of State Street Corporation and the fourth largest asset manager in the world, with nearly $4.14 trillion in assets under management as of December 31, 2021.
But beyond the numbers and announcements, the Dubai Fintech Summit served as a confluence point for introspection and inspiration. Fireside conversations with industry experts such as HE Helal Saeed Al Marri, director general of Dubai’s Department of Economy and Tourism, and Yie-Hsin Hung, president and CEO of State Street Global Advisors, delved into key leadership principles, resilience and risk-taking, offering valuable lessons for entrepreneurs and leaders navigating the turbulent waters of fintech innovation. Leadership, resilience and risk-taking therefore emerged as recurring themes throughout the Summit, with seasoned veterans sharing their insights and experiences with aspiring entrepreneurs and emerging leaders.
To gauge a better understanding of what it takes to be an effective leader in the fintech industry, Middle East TV Entrepreneur also held in-depth conversations with several speakers during the event. One such industry leader we met was Alex Manson, CEO of Standard Chartered Ventures, the British multinational bank’s platform for driving innovation, investing in disruptive financial technologies and exploring alternative business models. When asked for his advice for entrepreneurial leaders in the fintech industry, Manson responded: “You have to tackle problems worth solving – financial success is the result of that. Stay close to your customers and stick to your method. Entrepreneurship is a difficult thing.” environmental and resilience is key.”
Meanwhile, Neeraj Makin, head of strategy, analytics and venture capital at Emirates NBD, the government-owned bank of Dubai, one of the largest banking groups in the Middle East in terms of assets, highlighted the importance of exceptional capabilities listening and risk taking. ing for leadership. “I think one of the most important aspects of being a good leader is having exceptional listening skills, as well as the ability to lead and take risks,” she noted. “A leader must listen to new ideas, embrace new challenges, and move the team and the company forward.”
Likewise, Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, Mastercard, emphasized the importance of courage, optimism and empathy in leadership. “I think a leader without courage is like a car without keys: where will he take you?” Ajmal said. “As a leader, you also have to be optimistic in difficult times and empathetic. These, for me, are the foundations of leadership.”
These are just a few examples of the insights shared during the 2024 edition of the Dubai Fintech Summit, and all signs indicate that they will set the tone for the next edition of the Dubai Fintech Summit, which takes place from 7 to 8 May 2025. Meanwhile , for more interviews Middle East TV Entrepreneur conducted at the Dubai Fintech Summit 2024, go to our YouTube page.
Related: The entrepreneur’s guide to starting a fintech business in Dubai