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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

UAE approves paid leave for employees with communicable diseases under draft law

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Employees in the UAE who are diagnosed with a communicable disease, suspected of being infected, or identified as close contacts during an epidemic or pandemic could soon receive paid leave without it affecting their annual leave entitlement, under amendments approved by the Federal National Council (FNC).

The amendments form part of a draft federal law on combating communicable diseases, which was approved by the FNC during its session on Wednesday.

What the amendments mean

Under the proposed changes, employers will be required to prevent an employee from attending the workplace if they:

  • Are infected with a communicable disease.
  • Are suspected of having a communicable disease.
  • Have been identified as a close contact during an epidemic or pandemic.

The measure applies if the employee’s presence is likely to pose a health risk to others in the workplace.

Paid leave without affecting annual leave

The amendments also protect employees’ leave entitlements.

If an employee is required to stay away from work for health reasons under the law, the period of absence:

  • Will not be deducted from statutory leave entitlements.
  • Will be fully paid, with the employee continuing to receive their wage or gross salary.

To qualify, the employee must provide a certificate issued by the competent health authority.

FNC approves amendments

The amendments were approved during an FNC session attended by Minister of Health and Prevention Ahmed bin Ali Al Sayegh.

According to the FNC, the draft law was first submitted to the Council in March following approval by the Council of Ministers.

The President of the FNC referred the proposed amendments to the Health and Environmental Affairs Committee, which reviewed the changes during a meeting on July 6.

After examining the proposals and their role in strengthening the implementation of the law, the committee endorsed the amendments before they were approved by the Council.

If the draft law completes the legislative process and comes into force, it will strengthen workplace health protections while ensuring employees do not lose pay or annual leave when required to isolate because of communicable diseases.

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How to pay UAE immigration fines and visa fees in easy instalments

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Paying for UAE visa, residency and identity services has become more flexible, with the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) introducing a new instalment payment option through Tabby.

The new feature allows customers to split the cost of eligible ICP services into monthly instalments, making it easier to manage payments for applications such as visas, Emirates ID and other government services.

What’s new?

Alongside its existing Easy Payment service, which is offered in partnership with 10 national banks, ICP has added Tabby as a payment option on its electronic payment platform.

Eligible customers can pay service fees in instalments over three, six or 12 months for transactions worth up to Dh20,000, subject to Tabby’s credit assessment.

How it works

When completing an application through ICP’s digital platform, customers simply need to:

  • Proceed to the payment page.
  • Select their preferred payment option, Tabby or Easy Payment.
  • Complete the payment process based on the available instalment plan.

Approval for instalment payments depends on the customer’s credit eligibility.

Improving customer experience

ICP said the initiative is part of its ongoing efforts to improve customer experience by offering more convenient and flexible financial solutions.

By expanding payment options, the authority aims to make government services more accessible while giving citizens and residents greater flexibility in managing service-related expenses.

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Announcements

Dubai Chambers launches one-stop digital platform to help businesses start, grow and expand

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Starting and growing a business in Dubai is set to become easier with the launch of Business in Dubai, a new digital platform by Dubai Chambers that brings together essential corporate services in one place.

Designed as a single gateway for companies, the platform connects businesses with trusted service providers, helping them access everything from financial solutions to technology, marketing and certification services without having to navigate multiple channels.

The initiative aims to simplify business operations while strengthening Dubai’s position as one of the world’s most competitive destinations for investment and entrepreneurship.

What does the platform offer?

The Business in Dubai platform currently provides 65 corporate services through seven accredited partners, offering companies a wide range of support as they establish or expand their operations in the emirate.

The services are grouped into four key categories:

  • Financial services
  • Marketing and business growth services
  • Technology services
  • Testing, inspection and certification services

The current network of partners includes ZENDATA Cybersecurity, FAST Ventures, Mamo, OCTA, SGS Gulf Limited, Vault, and Pemo.

Helping businesses grow

Dubai Chambers said the platform has been designed to save companies time and resources by bringing multiple business services under one digital roof.

Khalid AlJarwan, Executive Vice President of Commercial and Corporate Services at Dubai Chambers, said the initiative reflects the organisation’s commitment to creating an environment that supports business growth both locally and internationally.

He said the platform will strengthen Dubai’s investment ecosystem by making it easier for companies to access the services they need to scale their operations and contribute to the emirate’s long-term economic development.

Boost for the digital economy

Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, said the platform will particularly benefit businesses operating in the digital economy by simplifying access to trusted service providers.

He added that the initiative creates a more flexible and efficient business environment, enabling entrepreneurs and companies across different sectors to focus on growth rather than administrative processes.

A single digital gateway

By consolidating key business services onto one platform, Dubai Chambers aims to reduce the time and effort companies spend searching for service providers, allowing them to concentrate on innovation, expansion and day-to-day operations.

The launch forms part of Dubai’s wider efforts to strengthen its business ecosystem and reinforce its position as a leading global hub for trade, investment and entrepreneurship.

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