Dubai International Financial Centre issued a report on Wednesday, titled ‘Drivers of Innovation in Financial Services’, on a collaboration with a London Stock Exchange Group and Refinitiv to reveal a five-year outlook for innovation in the financial services industry.
The Dubai-based DIFC is a financial centre prevailing in Middle East, African and South Asia (MEASA). It is also an independent regulator and a proven judicial system with an English common law framework.
DIFC’s report revealed important trends that will change the financial sector over the next five years, those unlocking the potential of open finance, greater decentralisation in finance, emergence of digital assets as a viable asset class, and the incorporation of Environmental, Social, and Governance (ESG) considerations across banking operations.
The report mentioned about the importance of innovation within established financial institutions for faster development and improve future competitiveness through frameworks such as venture studios, which builds several new start-ups in rapid succession. The report was validated during DIFC-hosted roundtable in the presence of emerging head professionals.
Arif Amiri, chief executive of DIFC said, investments in fintech which is projected to grow by 17.2% CAGR to $949 billion between 2022 and 2030, are accelerating the ongoing pace of fintech innovation globally and in Dubai.
Amiri also added that, “At DIFC, we already see financial institutions actively joining forces with disruptive start-ups as we collaborate to shape the future of finance in line with our 2030 strategy and beyond.”
