FinTech is an industry that's shaking up the world of money businesses using technology to provide financial services.
FinTech is an industry that’s shaking up the world of money businesses using technology to provide financial services. This technology is changing the way millions of customers do bank transactions or shop online.
The financial regulators of Dubai and Australia are now looking to get on board with the global trend FinTech and have an accelerator scheme that will connect startups with global firms.
This partnership will support startup companies to operate with the opportunity to communicate with the end user of those technologies like banks and other financial institutions. HSBC and Visa are some of the companies that have signed up for the program.
The Dubai International Financial Center is partnering with the Australian Securities and Investment Commission to run the scheme following successful centers in different parts of the world. This latest initiative by Dubai is part of a wider startup culture that’s flourishing in the Middle East. According to Industry Portal Magnet, funding for startups reached almost 900 million dollars in 2016. An increase of over 400% on the year before, and importantly, over half of those deals were struck right in the UAE.
The region may be witnessing impressive growth when it comes to fin tech counts for only a fraction of the global industry worldwide.The terms of these agreements mandate that the two authorities shall share information on FinTech developments in their markets. The main focus is the regulatory technology (RegTech). This is the frontier in their bilateral cooperation that will help both regulators and businesses. FinTech startups have attracted almost seventy-nine billion dollars worth of investment since 2010 according to a recent report by BCG. There’s a huge opportunity in the Middle East and in Islam economy markets that hasn’t been untouched.
Another noticeable study shows that in the first half of the year, there was a huge investment opportunity investment in Australia. That’s why financial officials in Dubai are eager to develop links with Australia.