The Dubai International Financial Center (DIFC) announced yesterday that it will inject new investments into four startups specialized in the financial technology sector. The Center stated, in a statement, that this investment reflects its commitment to promoting the growth of the financial sector, which is part of the total value of the $ 100 million financial technology fund, after its launch in 2019, with the aim of establishing, developing and supporting the growth of financial technology companies wishing to enter the markets of the East Middle, Africa, and South Asia.
Business support
Dubai World Financial confirmed that startups that applied for funding from the fund were evaluated, as the four companies were chosen from among the final candidates after a comprehensive evaluation and review process.
In order to support the four companies to expand their business scope, the fund invested in FlexxPay, an electronic platform that provides financial technology solutions based on the cloud business mechanism to enable employees to access their salaries, in addition to the company Go Rise, a platform A unique start-up that specializes in providing a comprehensive and smooth set of financial services to around 250 million expats worldwide, to enable them to access an integrated set of financial products, whether from home or in their home country.
In turn, NOW Money provides payroll services for Gulf companies, and enables low-income workers to benefit from banking and money transfer services, by giving them access to a financial account, obtaining a debit card, and transferring funds directly through The application "Now Money", and the company "Sarwa" Sarwa wealth management and robotic consulting.
The most pioneering
Aref Amiri, CEO of the Dubai International Financial Center Authority, said that the center has managed to consolidate its position on the list of the most leading financial centers around the world, by investing in a group of emerging companies.
He explained that the center's financial technology fund contributes to accelerating the development of financial technology companies and helping them take advantage of the strong growth opportunities provided by the region's markets, pointing out that through investment and providing the most comprehensive platforms in the region, the center can lead innovation through the financial services sector in Middle East, Africa and South Asia.