Last week, the Dubai FinTech Summit proved itself once again as a vital global junction for the fintech industry, drawing leaders from Central Asia, the Middle East, Africa, Europe, and beyond. With a strategic focus on financial services, the summit aligns with Dubai’s Economic Agenda ’D33’ to elevate the city into the top ranks of global financial centres by 2033.
Dubai’s fintech ecosystem thrives on robust investments, projected to grow by 17.2% CAGR to USD 949 billion by 2030. This growth is supported by a forward-thinking regulatory framework, making Dubai a magnet for fintech giants and startups alike. Exciting expansions include Ripple and Coinbase, which leverage Dubai’s dynamic environment to scale their operations.
From the summit, it was clear that having a physical presence in the UAE is crucial for effective business operations. The sales cycle in the region involves more in-depth meetings before partnerships can be established, reflecting a business culture that highly values relationship building. This approach also contributes to greater customer stickiness, ensuring that once partnerships are forged, they are long-lasting.
A highlight from our experience was the Hungarian Central Bank’s booth, which became a focal point for attendees. The booth offered a creative touch by distributing books written by Dr. György Matolcsy, attracting a significant audience and facilitating engaging discussions on global financial trends and the role of knowledge in technological revolutions.
Moreover, the strategic agreement initiated by the Hungarian Fintech Association under the leadership of Zoltán Ács with the Dubai fintech community opens new doors for Hungarian companies in the Middle East, promoting the diffusion of innovative fintech solutions.
Our participation in various business meetings, including discussions with banks’ innovation and retail leaders, fintech startup co-founders, and software development houses, was immensely productive. These interactions have set the stage for upcoming partnerships that promise to leverage innovative fintech solutions.
In conclusion, the Dubai Fintech Summit not only provided a platform for showcasing Hungarian fintech capabilities but also offered actionable insights into the mechanics of expanding a fintech business within the UAE and beyond. The lessons learned here will undoubtedly shape our strategies as we continue to explore and penetrate new markets in this dynamic region.
(Author: Ivan Muck)
(Cover photo: Depositphotos)
