Dubai has become a preferred hub for Indian fintech entrepreneurs and investors as it offers vast business opportunities and competitive advantages, according to fintech stakeholders from the UAE and India speaking at a recent Dubai Chamber webinar.

The webinar, entitled Payments and Remittances: Trends & opportunities in India & Dubai, was organised by Dubai Chamber’s representative office in India and Dubai Startup Hub in cooperation with Dubai International Financial Centre (DIFC) and T-Hub, a leading player in India’s innovation ecosystem.

The virtual event, part of a webinar series, attracted more than 200 participants from Dubai and India, including fintech entrepreneurs and scaleups, government entities, regulators, financial institutions and incubators.

Presentations and discussions highlighted synergies between fintech eco-systems in Dubai and India, recent industry trends, opportunities emerging in this space within both markets, support and resources for available to fintechs in Dubai, and DIFC’s efforts to attract high-potential fintech startups from around the world, as well as programmes and initiatives offered to international startups through Dubai Startup Hub, which operates as the entrepreneurship arm of Dubai Chamber.

Participants were invited to join the first Dubai Technology Tour, which Dubai Chamber will host in September. The virtual trade mission will familiarise Indian tech entrepreneurs with Dubai’s economy and business environment, and connect them with a variety of public and private sector stakeholders, as well as potential business partners.

Jon Santillan, Founder of Denarii Cash, Saurabh Jain, VP at Paytm, and Vishal Kanvaty, CMI at NPCI, joined a panel discussion, where they shared their insights on fintech trends in India and Dubai, the evolving landscape for payments and remittances in both markets, as well as bilateral business opportunities that fintech eco-system stakeholders can capitalise on.

Omar Khan, Director of International Offices at Dubai Chamber, described the webinar series as an ideal platform for UAE and India-based startups and scaleups to network and explore new business opportunities emerging within the fintech space. He noted that Dubai Chamber’s Mumbai office is identifying business opportunities in the Indian market and working with public and private sector stakeholders to promote Dubai as a global business hub.

Natalia Sycheva, Manager of Entrepreneurship at Dubai Chamber said the webinar series is a continuation of Dubai Startup Hub’s roadshow to India held last year, which established a platform for cooperation and dialogue between the two entrepreneurial communities. She added that India remains a major focus of Dubai Startup Hub’s efforts to attract high-potential international startups to Dubai with the cutting-edge technologies that can contribute to the emirate’s innovation eco-system.

Salmaan Jaffery, Chief Business Development Officer at DIFC Authority spoke at the webinar and said: “Indian firms, including FinTech start-ups continue to thrive in Dubai and DIFC. We provide them with access to the region's best innovation ecosystem, the UAE’s only comprehensive money services regulations as well as access to the largest financial ecosystem. Our platform helps them innovate and access opportunities across the Middle East, Africa and South Asia. Knowledge sharing opportunities such as the Dubai Chamber webinar series create strong foundations for our FinTech communities and we are delighted to partner with like-minded entities to shape the future of finance.”

Ravi Narayan, CEO of T-Hub and Chief Innovation Officer of the State of Telangana said, "Dubai’s startup ecosystem is one of the most exciting and vibrant in the UAE region. In the past few years, Dubai has seen an increased focus on entrepreneurship from the public, private, and academic sectors. Owing to reasons such as ease of doing business, world-class infrastructure, investment opportunities, a large market for both B2B and B2C startups, amongst others, Dubai has emerged to be one of the leaders of the startup and innovation ecosystems. Like India, Dubai has also been leading in the region in the fintech space.

T-Hub is excited to scout international tie-up opportunities and with Dubai's growth, we are looking forward to evaluating more such meaningful partnerships. According to DIFC, Dubai’s investment in the fintech sector is expected to reach more than 2 billion dollars by 2022. T-Hub’s idea behind organizing such thought-provoking webinars in partnership with key stakeholders is to create an umbrella of opportunities for Indian innovative startups to scale up in the international markets and vice-versa. Additionally, we consider this an opportunity not only to support these deserving startups but ensure that all the stakeholders in the fintech space see the innovations through the outcomes of the webinar series.”

Source: Dubai Chamber