September 19, 2021
  • September 19, 2021

Amazon deploys Dubai-based FinTech lab

By on June 22, 2021 0

Amazon payment services, the payment processing service based in the Middle East and North Africa (MENA), has launched a new FinTech lab, according to a report by Arab News.

Called the Amazon Fintech Lab in the innovation hub of the Dubai International Financial Center (DIFC), it will be used as a way to spark discussions about the world of digital payment as well as the future of the FinTech industry. It is part of the Dubai Future District announced in January 2020 by Sheikh Mohammed bin Rashid Al-Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.

The intention is to help foster the startup community so as to build a future for finance.

With its new FinTech lab, Amazon intends to add new things to the community, including mentoring, panel discussions, workshops, speakers, and more research on digital services, FinTech, and the world of technology. technology in the broad sense.

Omar Soudodi, Managing Director of Amazon Payment Services, recently spoke at the DIFC Innovation Hub’s first month of events, saying the company wanted to “turn exciting new ideas and concepts into transformational and disruptive forces in the fintech ”.

“The lab also brings together like-minded entrepreneurs and startups with new and existing business partners to cultivate innovation in financial technology and digital services, supported by Amazon’s global expertise in new products. and services, and knowledge sessions on topics related to the payments industry. He said, according to the report.

Arif Amiri, CEO of DIFC Authority, said: “We welcome the world’s first Amazon Payment Services fintech lab to DIFC’s Innovation Hub. By choosing DIFC, Amazon has the ideal platform to grow as they are now part of the largest and most comprehensive financial, technology and innovation ecosystem in the Middle East, Africa and from South Asia. We look forward to working together to drive the future of finance.

Amazon Payment Services was previously called Payfort, changing its name in 2020. The company offers installment payments and helps people in financial difficulty make payments more easily.



About the study: The AI ​​In Focus: The Bank Technology Roadmap is a research and interview report examining how banks are using artificial intelligence and other advanced IT systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing the potential of AI in finance, healthcare and others.

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