Amazon Payment Services, a payment processing service in the Middle East and North Africa (MENA) region, has launched the Amazon Fintech Lab in the Dubai International Financial Centre (DIFC) Innovation Hub. The initiative is the latest in Amazon Payment Services’ efforts to support fintech in the region by providing a forum for discussions on digital payments and the future of the fintech industry.
Part of the Dubai Future District announced in January 2020 by Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, the DIFC Innovation Hub is the region’s largest environment aimed at fostering the startup community to shape the future of finance and future economies in the region. The Amazon Fintech Lab aims to support this community through networking, mentorship, roundtables, workshops, keynote speakers and research around the topics of digital services, fintech and the global tech arena.
During the launch of the DIFC Innovation Hub last month, the Amazon Fintech Lab was visited by Sheikh Maktoum bin Mohammed bin Rashid Al-Maktoum, deputy ruler of Dubai and president of the DIFC.
As part of the DIFC Innovation Hub’s inaugural month of activities, Omar Soudodi, managing director of Amazon Payment Services, delivered a talk highlighting the importance of supporting regional startups and fintech companies for driving innovation in an advanced knowledge economy. “Through the Amazon Fintech Lab, we work with innovators and visionaries to turn exciting new ideas and concepts into transformational and disruptive forces in fintech,” he said. “The lab also brings like-minded entrepreneurs and startups together with new and existing business partners to cultivate innovation in the fintech and digital services arena, supported by Amazon’s global expertise on new products and services, and knowledge sessions on topics related to the payments sector.”
Arif Amiri, CEO of DIFC Authority, said: “We welcome Amazon Payment Services’ first fintech lab in the world at the Innovation Hub in DIFC. By choosing DIFC, Amazon has the ideal platform to grow given they are now part of the Middle East, Africa and South Asia’s largest and comprehensive financial, technology and innovation ecosystem. We are looking forward to working together to drive the future of finance.”