Dubai Chamber of Commerce Launches FinTech Business Group
The Dubai Chamber of Commerce has launched a new FinTech- and payments-focused business group.
The aim of the group is to bring together companies in the FinTech and payments space to encourage collaboration, engage in dialogue, and advocate for policy change.
Announced in a press release on Monday (Dec. 26), the launch is part of the chamber’s plans to increase the number of business groups that represent economic sectors and activities in Dubai so that they properly reflect the emirate’s diverse industries and economic activities. It said that the Chamber of Commerce plans to increase the number of economic sectors and activities represented by business groups to 100 by March 2023.
The new group will sit alongside existing ones such as the foreign exchange and remittance group, and the insurance business group. It is possible for individual companies to be part of multiple business groups.
Alongside business groups that represent different sectors, the Dubai Chamber of Commerce also convenes business councils that fulfill a similar function for the different nationalities represented by businesses operating in the emirate.
The United Arab Emirates (UAE) in general is an increasingly important regional FinTech hub for the Middle East and North Africa (MENA).
That role has emerged as the country’s government works to grow the UAE’s knowledge-based economy and diversify its national industries. Those efforts have helped Dubai to become a go-to destination for many of the FinTechs that are shaping the wider MENA ecosystem.
Commenting on the launch of the new business group, Maha Al Gargawi, executive director of business advocacy at Dubai Chambers, said, “Business groups are an important component in creating a supportive, enabling and world-class business environment in Dubai.”
She added that, “Through continued transparent discussions, the business group will be able to support essential policy changes that will facilitate and improve the ease of doing business in Dubai and cement the emirate’s position as a dynamic and global business hub.”
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