Dubai International Financial Centre (DIFC) and Mastercard have signed a collaboration agreement that seeks to drive digital transformation in the financial technology (fintech) sector. Under the partnership, fintech startups and established companies will be granted access to Mastercard’s network and expertise, along with DIFC’s financial ecosystem. The collaboration aims to develop new payment solutions and digital services, as well as improving existing ones. The DIFC Launchpad initiative is one of the objectives of the partnership, which intends to accelerate the growth of the UAE’s financial ecosystem and serve as a business enabler for venture studios.
DIFC Launchpad is the first global Venture Studio initiative of the financial hub, which supports start-ups from the concept stage to launch and also helps them to grow through internal capabilities and external networks. The programme expects to support more than 200 new ventures, with over 100 being scale-ups that will create over 8,000 new jobs and attract over $544m in venture capital. The collaboration between Mastercard and DIFC aims to support fintech companies and bring innovation and growth to the region’s digital economy. It is expected to provide the tools and resources needed for the fintech sector to thrive in the Middle East.
