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Amazon launches innovation center in Dubai International Financial

Sododi (right) and Amiri during the launch of the new laboratory.

From the source

The “Amazon Electronic Payment Services” service announced yesterday the launch of the “Amazon Fintech Lab” at the “Innovation Hub” center of the Dubai International Financial Center, as part of an initiative aimed at supporting innovation in the field of financial technology in the region.

The Innovation Hub forms part of the Dubai Future District, and is the largest environment in the region to support startups and help build the region's financial and economic future.

Omar Sododi, CEO of Amazon Electronic Payment Services, said, "The new lab is designed to support innovation in the financial technology sector, through communication and cooperation with the DIFC community of small and medium-sized companies, financial institutions, and startups, through a program permanent activities.

Sododi added to "Emirates Today", on the sidelines of a press meeting held by Amazon in the Dubai Financial Center yesterday, that "the new financial innovation laboratory is the first of its kind for (Amazon) in the world," noting that Dubai was chosen to launch the laboratory. In light of Dubai's continuous stimulation of innovation initiatives.

He pointed out that the pandemic has accelerated the transition to e-commerce in the country and the region in general, which now includes 400 financial technology companies, for example, compared to only 50 companies five years ago.

Sododi indicated that there are positive indicators of the growth of e-commerce operations in the UAE, as according to the data, the percentage of payment for purchases with bank cards accounts for about 40% of the total transactions compared to other payment methods.

For his part, CEO of the DIFC Authority, Arif Amiri, said: “We welcome the world’s first FinTech Lab for (Amazon) for electronic payment services at (Innovation Hub), as by choosing the DIFC, (Amazon) has the ideal platform. for growth.”

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