Amazon expands Dubai presence with new fintech lab

Expanding its fintech commitment, Amazon has announced the opening of a Fintech Lab at Dubai’s DIFC Innovation Hub. 

Through a plethora of new collaborations, including with startups and growing firms, Amazon is seeking to bolster the growth of fintech in the region. 

Omar Soudodi, managing director of Amazon Payment Services, commented: “Through the Amazon Fintech Lab, we work with innovators and visionaries to turn exciting new ideas and concepts into transformational and disruptive forces in fintech. 

“The Lab also brings like-minded entrepreneurs and start-ups together with new and existing business partners to cultivate innovation in the fintech and digital services arena, supported by Amazon’s global expertise on new products and services, and knowledge sessions on topics related to the payments sector.”

In deepening its expansion into the region, Amazon not only seeks to boost fintech, but also to improve payment efficiencies as the region continues to elevate its commitment to consumers. 

In growing in Dubai, Amazon follows in the footsteps of Mastercard, which recently launched its Global Cyber Forward program in partnership with Dubai International Financial Centre (DIFC), the specialist global financial centre and largest fintech hub in the Middle East, Africa and South Asia (MEASA) region.

Commenting on the announcement, Essa Kazim, Governor of Dubai International Financial Centre, said: “This global partnership between DIFC and Mastercard supports the National Cybersecurity Strategy and Dubai Cyber Security Strategy. As the leading financial centre in the MEASA region, we are committed to being at the forefront of initiatives, including cybersecurity, that will advance the finance industry globally, regionally and in Dubai. 

“Firms and individuals will be able to benefit from our collaborative approach to managing the issue and see Dubai as the region’s safest place to undertake their financial activities.”