November 6, 2022

DIFC FinTech Hive to Bring Start-ups and Investors in Metaverse on November 10

FinTech Hive

FinTech Hive

More than 40 financial technology startup founders are expected to participate in the annual Investor Day of the FinTech Hive on November 10, but this time will be in the metaverse.

FinTech Hive, which is backed by the Dubai International Financial Centre (DIFC), announced the epic event two days ago where the start-up founders will present their ideas and technologies and interact with other partners in the digital world for the first time, according to The National newspaper.

The metaverse-based Investor Day will witness the participation of 41 start-up founders’ avatars from DIFC’s 2022 FinTech Accelerator Program with the participation of shareholders of prominent financial institutions in the Middle East, who will attend a virtual exhibition to watch ideas and interact with start-up founders in the digital space.

In this regard, Sector Head for FinTech at DIFC Mohammad Alblooshi said DIFC seeks to attract the world’s most innovative fintech start-ups and connect them with serious investors and potential partners.

Blooshi noted that the center shifted to the metaverse to offer the partners increased access to promising start-ups, which successfully graduated from the accelerator program.

“As we continue to cement our position as a global financial center and a FinTech and innovation hub, the metaverse will play a major role for DIFC FinTech Hive to lead innovation in the future of financial services,” Blooshi said.

The DIFC’s FinTech Hive, which is home to nearly 200 start-ups, is considered the first and largest financial technology accelerator in the Middle East, Africa, and South Asia (MEASA) region.

The DIFC FinTech Hive’s 2022 FinTech Report pointed to an increase of 78% in funding activity for the sector from the MENA region from 2020 to 2021 to reach $998 million.

Over the past few years, the UAE, especially Dubai, has positioned itself as one of the world’s prominent hubs for metaverse and blockchain technologies.

The Emirati government, in July, launched the Dubai Metaverse Strategy, which aims to contribute $4 billion to the emirate’s economy. The strategy targets increasing the number of blockchain and metaverse companies fivefold within five years as well as offering 40,000 virtual jobs.

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