Dubai Chamber of Commerce has launched a fintech and payments business group to bring together companies working in these spaces.
The aim of the group is to “encourage collegial dialogue, advocate policy change and promote the emirate as a highly competitive global commercial centre”.
The launch of the new group is part of the chamber’s plan to increase the number of business groups that represent economic sectors and activities in Dubai, to ensure all industries are represented to boost competitiveness.
Dubai Chamber of Commerce plans to increase the number of economic sectors and activities represented by business groups to 100 by March 2023.
The group will support Dubai companies and provide analysis on trends in the fintech sector to leverage policy and regulatory change for financial technology innovation.
Commenting on the launch of the business group, Maha AlGargawi, executive director of business advocacy at Dubai Chambers, said: “Business groups are in important component in creating a supportive, enabling and world-class business environment in Dubai.
“Through continued transparent discussions, the business group will be able to support essential policy changes that will facilitate and improve the ease of doing business in Dubai and cement the emirate’s position as a dynamic and global business hub.
“The new FinTech and Payments Business Group is a great addition to our network of business groups, and we believe it will play a pivotal role in supporting members and the emirate’s private sector to drive FinTech growth and serve as a platform to leverage the vast opportunities in this vital sector.”
The UAE is aiming to position itself as the leading fintech hub within the Middle East and North African region.
In 2022, fintech emerged as the preferred industry for startup investors in the UAE, accounting for 34% of total capital and 22% of transactions secured in the first half of the year.
Last year, the Dubai International Financial Centre, a special economic zone, launched a number of initiatives to foster innovation, attract foreign fintech startups and nurture talent.