EIFA Happening in Dubai Soon
Over the past few years, the emirate of Dubai has gained a reputation in tourism, perhaps more than other cities in the UAE, until it was recently ranked among the most attractive cities for tourism in the world, due to the trend of the architectural and cultural development that invaded it and appeared in the form of giant skyscrapers with innovative engineering designs such as the Burj Khalifa Dubai. If you think Dubai is just about tourism, luxury, and skyscrapers, then you are quite wrong as Dubai is becoming a leading powerhouse when it comes to the international finance market and this is signified through its effort to promote Fintech. Many events are held in Dubai to make people realize the importance of Fintech, but there is no other exhibition that can be compared with EIFA Dubai 2020, which aims to change the future through innovation. Before we get to one of the most important events to be held in Dubai this year, let’s learn about what is Fintech and how is it performing in the UAE.
What is Fintech and Its Position in Dubai
FinTech is increasingly used as a term when it comes to young companies or startups in the financial sector. FinTech companies create an alternative solution in the financial market, but what exactly does FinTech mean? The word fintech is an acronym for “financial technologies”. By definition, FinTech is a collective term for modern technologies in the field of financial services: It is about innovative solutions that digitize the handling of the financial business. The technological innovations are often implemented by young companies or startups. There are different “tech” companies depending on the industry, for example, companies from the insurance sector are often only referred to as InsurTech, those from the real estate segment as PropTech companies. There are 3 most important aspects of FinTech which include the use of modern technologies in the banking and financial environment followed by a new development of existing application systems. The third aspect focus on the areas: paying, securing, investing, financing, and advising. FinTechs are companies that change financial services through the use of modern technologies. These are often startups, but not always: any company that follows the approach and philosophy in the financial services industry can be described as FinTech. The success of Fintech has led to its rapid growth which has increased technology-oriented companies that open up the market with increased dynamism. After all, many products in the financial world are easy to standardize and digitize as well. As a result, market shares and customers can subsequently be gained. And the “danger” of this is great: FinTechs are making traditional business branches redundant through digitization. The UAE has always voiced its ambition to become the leading technology hub of the world and to turn this ambition into a reality; Dubai has been growing at a rapid pace. It comes as no surprise that Dubai is looking towards the future by taking a keen interest in fintech startups that will benefit its long term plans. With EIFA 2020 just around the corner, opportunities never come bigger than this as fintech specialists will be able to share their inventive thoughts at a global platform and audience that belongs to this upcoming industry. Through their hard work and determination, Dubai has become the leading city in the Middle East when it comes to financial technology. The government of the UAE has been remarkably successful in building a robust ecosystem that has proven to be beneficial for financial services. Due to the high amount of investment, a powerful judicial system along with little restrictions on business, Dubai has turned out to be the highest-ranking financial centre in the whole Arab region. The regulatory and investment measures in the UAE pave the way for the growth of financial technology companies, noting that this field faces some obstacles that are being discovered with the development of that technology, but cities like Dubai are going all the way with this global trend. UAE and the entire region are aware that financial technology can be a positive enabling factor for change in the financial sector, and contribute to supporting its growth, pointing out that it is taking place in the UAE through a regulatory environment that allows companies to test and develop their solutions. The main factors that support the center’s competitiveness include its focus on promoting financial sector development, investment in innovation, and strengthening the financial technology system. The Dubai International Finance Centre (DIFC) is home to the largest and most advanced financial technology system in the region and includes more than 100 global and regional financial technology companies that have chosen the DIFC as a preferred destination for expanding their business in the region. The financial center has also witnessed a significant increase in the number of financial technology companies wishing to join its accelerator programs, which today represents the first step in testing the regional market for many global startups.
The Grandest Event of the Year
As we mentioned earlier, EIFA Dubai 2020 is the biggest exhibition that is being held at such a big scale to promote the Fintech community. This extraordinary and unique event will focus on different aspects of the business while it will also shed light on many important topics such as payment gateways, cryptocurrency along with the role of financial institutes. Not only will you get all your answers in this exhibition but you will also be able to put forward your innovative ideas in front of one of the most important personalities of the industry. If you want your business to prosper and want to learn new tricks then you should book your tickets to Dubai as you don’t want to miss this event. Not only will there be an increase in your knowledge and skill set, but, you will also become a part of a historic event that will shape up the future of Fintech in Dubai.