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Dubai FinTech Summit to convene with more than 5,000 experts

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Dubai continues to solidify its reputation as a global hub for FinTech and Innovation ahead of the Dubai FinTech Summit taking place on 8 and 9 May this year under the patronage of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Deputy Prime Minister and Minister of Finance of the UAE; and President of the Dubai International Financial Centre.

Last year, investment in DIFC’s FinTech and innovation community exceeded $615 million and the total number
of active firms in the sector grew 36 per cent to 686.

The Fintech and Innovation sector in the Middle East, Africa and South Asia (MEASA) region is growing at pace with a market value forecasted to double in size from $135.9 billion in 2021 to $266.9bn in 2027 according to DIFC FinTech Hive’s 2022 FinTech Report.

The Dubai FinTech Summit will provide the perfect environment for connecting start-ups, investors and industry leaders tapping into this opportunity as they advance in the region and beyond.

Organised by DIFC, the leading international financial hub in the (MEASA) region, the Summit will bring together 5,000 global FinTech and technology experts to discuss innovations and challenges in the sector, as well as 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 Abdullah Bin Touq Al Marri, UAE Minister of Economy and Essa Kazim, Governor of DIFC. The impressive roster of speakers at the summit include Bill Winters, Group CEO of Standard Chartered; Brad Garlinghouse, CEO of Ripple; Melissa Guzy, co-founder and managing partner of Arbor Ventures; and Michael Shaulov, CEO of Fireblocks; among others.

Currently home to 60 per cent of all FinTech companies based in the GCC, Dubai and DIFC is being recognised as a global centre for innovation, with its unique ecosystem and comprehensive approach to business, driving not only the future of finance but increasingly the future economy. As per MAGNITT, FinTech start-ups in MENA recorded a 183 per cent year-over-year growth in funding in 2021.

Highlighting the impact of the growing FinTech sector in the region, Mohammad Alblooshi, Head of DIFC Innovation Hub and FinTech Hive said: “The demand for FinTech services has grown significantly in the last few years, powered by digital technologies and innovation across sectors. In recent years, DIFC has successfully cemented its position as the finance and innovation hub in the MEASA region by offering the most comprehensive FinTech and venture capital environments. In line with its vision to drive the future of finance, DIFC has created lucrative opportunities for start-ups, global players, and unicorns to set up base in the Emirate.

“I’m confident that the Dubai FinTech Summit, organised by DIFC, will soon become the premier platform allowing us to capture the industry’s attention and fulfil our vision of making Dubai a new home for the future of FinTech and finance,” he said.

Health

Free annual check-ups coming for Filipino workers under new health initiative

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Overseas Filipino Workers (OFWs) in the UAE and other parts of the world will soon receive free annual medical check-ups while working abroad, thanks to a new government-backed effort aimed at protecting their health and well-being.

The Department of Migrant Workers (DMW) announced yesterday that the initiative will be funded through its AKSYON Fund, a support mechanism designed to assist OFWs in urgent need. The plan was confirmed by Migrant Workers Secretary Hans Leo Cacdac during a Senate inquiry earlier that day, where concerns over irregular and costly medical exams were raised.

“We will fund follow-through medical check-ups for our OFWs through the AKSYON Fund to ensure their health and welfare while they are abroad and before they return home,” Cacdac told the committee.

The AKSYON Fund (short for Agarang Kalinga at Saklolo para sa mga OFWs na Nangangailangan) will cover routine health monitoring not only during an OFW’s deployment but also ahead of their repatriation.

A Response to Medical Irregularities

The move came after Senator Raffy Tulfo raised red flags about questionable practices in pre-employment medical exams, including reports of overcharging and lack of transparency by some clinics.

Tulfo specifically mentioned SuperCare Medical Services, Inc. (SMSI), a maritime clinic reportedly billing OFWs between Dh79 (PHP1,200) to Dh86 (PHP1,300 ) for initial and repeat tests without sufficient explanation. He urged the DMW to formalise a partnership with the Department of Health (DOH) through a memorandum of agreement (MOA), ensuring that all clinics conducting OFW medical clearances are properly regulated.

“Medical clinics must coordinate with and be accredited by the DOH to prevent exploitation and ensure proper care,” Tulfo said.

Ensuring Accountability

In response, Secretary Cacdac clarified that private recruitment agencies (PRAs) are currently responsible for pre-employment medical exams. However, the DMW maintains the authority to investigate and take action against any agency involved in malpractice.

A Healthier Future for OFWs

This initiative is a significant step forward in safeguarding the health of Filipino workers abroad, especially amid rising living costs and the often-overlooked burden of out-of-pocket medical expenses.

(Source: PNA)

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Crime

UAE: Up to Dh2 million for social media violations under new media rules

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Individuals promoting content or advertising on social media in the UAE will soon need to follow stricter rules under a new comprehensive regulatory system introduced by the UAE Media Council.

The new framework, announced this week, is designed to build public trust, protect viewers, especially children and adolescents, and raise the quality of online media content. It also outlines heavy penalties for violations, with fines reaching up to Dh1 million for first-time offences and up to Dh2 million for repeat breaches. In serious cases, violators could face temporary or permanent shutdowns, along with permit revocations.

“The new system transforms the way the media sector is regulated and developed,” said Mohammed Saeed Al Shehhi, Secretary-General of the UAE Media Council. 

“It combines updated legislation, comprehensive services, and forward-looking policies to support sustainable growth.”

Fee exemptions and local support

To encourage creativity and responsible content creation, the council announced a three-year exemption from permit fees for individuals and influencers who promote content online. This is part of a broader move to support Emirati talent and creative industries, with similar exemptions offered to local media services, producers, and writers whose work promotes national identity.

The initiative builds on last year’s Media Regulation Law and its Executive Regulation, and aims to stimulate growth in the sector while maintaining strong ethical and professional standards.

New age-rating and licensing systems

A key feature of the new regulations includes a media age-rating system, ensuring that content shared online is appropriate for different age groups, especially young viewers.

The council is also developing a new licensing policy for digital news platforms, with a focus on enhancing credibility and journalistic standards. The goal is to create a balanced legal environment that supports responsible reporting while safeguarding freedom of expression.

The updated system also outlines resolutions related to media service fees, violations, and administrative penalties, offering clearer guidelines for all stakeholders in the media landscape.

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Save 35% on Abu Dhabi traffic fines with ‘Pay Early, Gain Surely’ campaign

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Motorists in Abu Dhabi can now save up to 35% on traffic fines, thanks to the ongoing ‘Pay Early, Gain Surely’ initiative by Abu Dhabi Police.

Under the scheme:

  • A 35% discount is available if fines are paid within 60 days of the violation.
  • A 25% discount applies if payment is made after 60 days but within one year.
  • Serious traffic offences, such as reckless driving or dangerous overtaking, are not eligible for any discount.

Interest-free instalments 

Beyond discounts, motorists also have the option to pay fines in interest-free instalments over 12 months through select partner banks. To access this, users must apply for the plan within two weeks of making a payment.

Up until now, several motorists have benefited from the “Pay Early, Gain Surely” initiative.

The campaign is part of wider efforts by the Traffic and Security Patrols Directorate, in collaboration with the Community Police Department, to improve road safety, promote timely fine settlement, and enhance public awareness. 

Awareness drive

Workshops, community events, and social media videos form part of the awareness drive, alongside informative brochures distributed on the roads.

Officials say the goal is not only to make fine payments easier but also to promote positivity and reduce financial strain on motorists through flexible, user-friendly services.

Fines can be paid through digital platforms such as the Tamm Smart App, making it easier for residents to stay up to date and avoid penalties for delayed payment.

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