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Fintech world’s best minds converge at inaugural Dubai Summit

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Dubai is set to host the first-ever Dubai Fintech Summit on May 8 and 9 under the patronage of Sheikh Maktoum bin Mohammed Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE.

The event will take place at Madinat Jumeirah and will bring together over 5,000 global Fintech C-suite executives and technology experts to discuss the latest innovations and challenges in the sector.

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The Summit will feature a lineup of distinguished speakers from both local and international arenas. Notable speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy, and chief executives Bill Winters, Brad Garlinghouse, Piyush Gupta, Jenny Johnson and Brian Armstrong from Standard Chartered, Ripple, DBS Bank Singapore, Franklin Templeton and Coinbase respectively, among others.

Mohammad AlBlooshi

Mohammad Alblooshi, head of organisers DIFC Innovation Hub and Fintech Hive, underscored the importance of the summit. “Nearly 60% of all Fintech companies in the GCC are currently based in the city. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai Fintech Summit promises to bring together the most prominent figures in the industry, with an agenda that will captivate and inspire audiences worldwide.”

The global Fintech sector is rapidly growing and is predicted to be valued at $305 billion globally by 2025, according to Research and Markets, an intelligence and market analysis firm.

In the Middle East, Africa and South Asia (MEASA) region, the industry is expected to double in value from $135.9 billion in 2021 to $266.9 billion in 2027, according to a 2022 report by DIFC Fintech Hive.

The DFS will offer a unique platform for startups, investors, and industry leaders to connect and capitalise on the growing Fintech market in the region and beyond. The DFS will feature a series of panel discussions, fireside chats, and over 100 Fintech exhibitors.

There are over 800 Fintech startups worth $15.5 billion in the MEASA region alone, according to data by dealroom.co. Dubai alone is home to over 20% of the world’s Fintech businesses, according to a report by Mordor Intelligence.

Mastercard’s 2022 Digital Payments Index report reveals that digital payments are gaining traction in the MENA region. More than 85% of respondents reported using at least one emerging payment method in the past 12 months, indicating a shift away from cash-based transactions. Among MENA countries, the UAE stands out as being ready to embrace a cashless society. According to the event’s co-host sponsor Visa, 52% of UAE consumers are already cashless or plan to be by 2024.

The DFS will offer attendees a platform to participate in discussions and exchange ideas on emerging trends, regulatory frameworks, and future possibilities.

The event will feature discussions on a range of topics, including ‘Building the Economies of the Future’, ‘Crypto and the Evolving Regulatory Framework’, ‘The World of Finance: Where are the Women?’, and ‘Building a Resilient and Sustainable Financial Sector in the Age of Disruption’. Participants will have the opportunity to gain valuable insights on these critical issues from industry leaders and experts.

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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