Fintech Surge 2024 Concludes Successfully at Dubai Harbour Today

Post by: Raman Preet

Photo : Dubai Government Media Office

Strategic focus on digital solutions and innovative strategies to drive SME growth in the evolving fintech landscape

The highly anticipated Fintech Surge 2024 came to a successful close today at Dubai Harbour, marking the culmination of four days of dynamic discussions, strategic networking, and visionary insights. The event brought together a powerful mix of global fintech leaders, emerging start-ups, and future-focused investors, all with a shared goal of transforming tomorrow's financial ecosystems.

The final day, centered around the theme ‘Future of Money,’ placed a strategic emphasis on empowering small and medium-sized enterprises (SMEs) through fintech. A key part of the agenda was providing insights into innovative banking solutions and digital trends that SMEs can leverage to fuel financial growth and navigate the evolving fintech landscape.

The day began with a compelling keynote titled “Business in Dubai” delivered by Anwer Pirani, Manager of the Digital Economy Ecosystem at the Dubai Chamber of Digital Economy (DCDE), UAE. Pirani outlined DCDE’s central role in fostering the growth of Dubai’s technology ecosystem, with the focus of his session being the organization’s flagship initiative, Business in Dubai. He highlighted the initiative's substantial impact in 2023, sharing, “We have supported over 550 companies through the Business in Dubai initiative, creating direct and meaningful connections with relevant stakeholders, including nine large multinational companies. Already, from January to September this year, we’ve helped more than 500 companies, reflecting a strong upward momentum.”

The day’s sessions honed in on how technology is reshaping business practices for SMEs in a world rapidly embracing digital solutions. One of the standout dialogues was “Digitising MSMEs for Financial Growth,” which explored how micro, small, and medium-sized enterprises (MSMEs) can tap into cutting-edge digital trends such as cloud computing and AI to accelerate their growth. The session featured valuable insights from fintech leaders about the potential of AI to revolutionize the industry.

Nicolas Levi, CEO of du Pay, UAE, emphasized the practical benefits of AI, stating, “AI is everywhere, but in the fintech space, it allows us to enhance customer service at a lower cost and with greater accuracy. For example, wealthy individuals typically rely on private bankers to manage investments. AI will democratize that process, enabling everyday investors with smaller amounts, like 100 or 200 dirhams, to access the same level of personalized advice.”

Another thought-provoking session, “Conversation Circle: Cool Cash—Future Trends in Lending, Microfinance & Investments,” took a closer look at the evolving trends in lending and financing that SMEs should consider in an increasingly interconnected global economy. Panellists provided practical advice for SMEs on navigating financing in the face of fluctuating interest rates and macroeconomic instability.

Ibrahim Abdelrahim, Co-founder and Managing Partner at Moonbase Capital in Spain, stressed the importance of staying aware of global economic trends, advising SMEs to be cautious of the broader macroeconomic environment. “In the past, we focused primarily on our own business environments, but the world is becoming a smaller place. SMEs now need to be aware of what's happening globally, not just locally. It’s crucial to think ahead and be aware of what’s unfolding in the countries around you,” he noted.

Chérifatou Ibrahima Agoumo, Regional Innovation and Technology Advisor for CARE USA in West Africa, Niger, added her perspective on securing financing, particularly for SMEs. She suggested that companies diversify their funding sources, maintain clear communication, especially when working with corporates, and explore innovative digital platforms like GoFundMe for raising capital. “Platforms like GoFundMe are perfect for SMEs. They not only help attract funding but also raise visibility for your services and solutions,” she said.

Throughout the event, the backdrop of Dubai, a central hub of innovation within the Middle East and North Africa’s (MENA) fintech landscape, provided an ideal setting for discussions about the future of finance. Over 1,200 investors from a wide range of sectors – including fintech and digital innovation – participated, seeking new business opportunities and insights into the latest industry trends.

Among those investors was Saagar Bhavsar, Partner at Begin Capital, who expressed optimism about the opportunities available for fintech companies in the region. “It’s evident that the MENA region is ripe with opportunities for fintechs looking to scale. We’ve already identified several promising companies here at Fintech Surge that align with our investment strategy. As a London-based fund focusing on Seed and Series A funding, we’re particularly excited about the cross-border payments space. The event gave us the chance to meet with a variety of startups, many of whom are planning to establish or expand their presence in Dubai,” Bhavsar commented.

Fintech Surge 2024, a core element of the Expand North Star event powered by GITEX GLOBAL, has been a major success, featuring over 100 exhibitors and 120 speakers. Throughout its four days, the event provided deep insights into key trends reshaping the future of finance, from the rapid advancements in digital banking to the growing collaboration between traditional banks and fintechs.

As the curtain falls on Fintech Surge 2024, it’s clear that the conversations, collaborations, and innovations fostered during the event will leave a lasting impact on the global fintech landscape. The future of financial ecosystems is bright, with Dubai continuing to play a pivotal role in driving innovation and growth in the fintech sector across the MENA region and beyond.

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