MEASA FinTech sector set to double to USD 266.9 billion by 2027 but ‘requires a less complex and fragmented regulatory landscape to further drive growth’
Dubai, 4 May 2023: One of Middle East’s largest FinTech companies Geidea has become the latest sponsor of the Dubai FinTech Summit, a platform it will use to call for a harmonised regulatory framework in the GCC to further increase investor confidence, promote innovation, and drive growth in the industry.
Taking place on 8 and 9 May under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai; Deputy Prime Minister and Minister of Finance of the UAE; and President of the Dubai International Financial Centre, the summit will convene 5,000 global FinTech and technology experts to discuss innovations and challenges in the sector, as well as connect start-ups, investors and industry leaders.
Geidea, which has 75 percent market share of the FinTech payment service sector in Saudi, provides more than 700,000 terminals in the region. During the summit, the company will showcase products, including a newly launched point of sale (PoS).
“We are delighted to have the support of one of the Middle East’s leading financial services companies,” said Mohammad Alblooshi, Head of DIFC Innovation Hub and FinTech Hive.
“The Dubai FinTech Summit will be a truly global platform, gathering the world’s FinTech community to help shape the future of this rapidly growing sector. As well as providing our partners and participants with an opportunity to showcase their latest innovations, the summit will enable thought leaders to debate, exchange ideas and make important connections, including with investors. We are looking forward to welcoming the global FinTech industry to Dubai, which is reaffirming its position as a global FinTech hub.”
Sailesh Malhotra. General Manager (GCC), Geidea, said: “We are thrilled to announce our participation in the Dubai FinTech Summit. This premier event presents us with a unique opportunity to connect with like-minded industry leaders, exchange innovative ideas and collaborate to establish a more robust fintech community in the region. We are eager to leverage this platform to expand our knowledge, share insights with our peers and elevate our impact on the FinTech industry in the Middle East and beyond.
“The FinTech industry has transformed the traditional financial services industry, creating new opportunities for innovation and efficiency. The local regulators have played a phenomenal role in this transition and continue to create positive impact in the industry, As a next phase in this development we would like to see CB and other regulators increase their engagements and communication with the Fintech players in the industry.
Organised by DIFC, the leading international financial hub in the (MEASA) region, the summit will spotlight all things impacting the future of finance – from Web 3.0, metaverse and blockchain to decentralised finance, regulation and policymaking, and the greater need for increased financial inclusivity. Visitors will also be able to meet more than 100 FinTech exhibitors and join a series of panels and fireside chats. The Dubai FinTech Summit will take place at Madinat Jumeirah in Dubai.
The event will host esteemed local voices such as H.E. Abdullah Bin Touq Al Marri, UAE Minister of Economy and H.E. Essa Kazim, Governor of DIFC. The impressive roster of speakers at the summit includes Bill Winters, Group Chief Executive of Standard Chartered PLC; Brad Garlinghouse, CEO of Ripple; Melissa Guzy,Co-Founder and Managing Partner of Arbor Ventures; and Michael Shaulov, CEO of Fireblocks; among others.
Visitors can now purchase tickets for the Dubai FinTech Summit.
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About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.
With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 36,000 professionals working across over 4,300 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For further information, please visit our website: difc.ae, or follow us on LinkedIn and Twitter @DIFC.
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About Geidea
Geidea is a leading fintech payment service provider offering digital banking technology, smart payment terminals and business management solutions for SME’s in retail and digital commerce, currently serving over 150,000+ merchants worldwide. Founded in Saudi Arabia, the company is expanding rapidly across the region with operations in UAE and Egypt, serving both financial institutions and small and medium businesses. Founded in 2008 by Saudi entrepreneur Abdullah Faisal Al-Othman,
Geidea believes that the latest payments and commerce technology should be accessible, affordable, and intuitive for everyone. The company continues to focus on its mission of empowering merchants with the tools to start, manage and grow their businesses, which is at the heart of what Geidea does. Geidea has become the first non-bank entity in the Kingdom to obtain an acquiring license from the Saudi Central Bank “SAMA” to provide financial services directly to merchants and small and medium enterprises.
Geidea now has more than 2000 employees across all offices, with over 150,000 merchants, and provides more than 700,000 terminals within the Kingdom with a 75 percent market share. The company is proud to say that it is the biggest fintech company in Saudi and is ranked one of the top 25 fintech companies in the Middle East by Forbes.
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For further enquiries, please contact:
Jashmeh Bhagwagar
APCO Worldwide
Corporate Communications
(m) +971 55 9548660
[email protected]