2023-05-08 15:46:26
Dubai: Hamdi Saad
Issa Kazim, Governor of the Dubai International Financial Center, said: The number of financial technology companies operating in the center is currently regarding 750 companies, while it is the fastest growing financial sector in the “Markaz”.
He added, in press statements on the sidelines of the Dubai Financial Technology Summit 2023, that the financial sector is the most vulnerable to changes due to advanced and accelerating technology, so we started years ago to work on creating a favorable environment for financial technology companies in Dubai by establishing incubators and accelerators and creating new licenses and others to keep pace with the growing requirements of the sector. .
Kazem expected that the center would achieve revenues of regarding 1.2 billion dirhams in 2023, if it continues with the same performance until the end of the year. He said in statements that the growth rates achieved in the Dubai International Financial Center in terms of revenues or profits exceed last year by 20%, according to the indicators of the first quarter of 2023. Kazem explained that the center attracted more than 350 companies in the first quarter, bringing the total to regarding 4,650 companies. .
legislative structure
Kazem explained, we have worked over the past 20 years to develop the legislative structure for the traditional financial sectors such as banks, wealth management and others, but due to the technical developments taking place in the financial sector, it is necessary to keep pace with developments.
He explained that Markaz, as part of its efforts to develop the financial technology sector, launched a fund worth one billion dirhams to finance technology companies in cooperation with the Dubai Future District, and we started actually financing some companies regarding a year ago.
He continued: We launched partnerships with traditional banks to benefit from financial technology companies, so that you can benefit from them and their services to keep pace with the growing aspirations of customers.
Regarding the existence of new legislation, Kazem said: We have complete legislation for financial technology and virtual assets currently, but so far there are no integrated legislation globally related to services provided through artificial intelligence technologies, GPT chat, and others. Services usually appear and are tested for a period until their feasibility and confidence in them are confirmed to be tracked. Regulatory legislation.
Kazim affirmed that the Center will continue its endeavors to attract new companies specialized in financial technology from all over the world, considering that Dubai is the best environment for the sector in the region in this field, pointing out that there are regarding 100 exhibiting companies, most of which are not registered in the “Markaz”, so we welcome their joining.
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