The UK’s fintech Napier is an AI-powered anti-money laundering and trade compliance platform that launched its first office in Dubai International Financial Centre (DIFC) as part of its global expansion.
DIFC is the prime location for financial services in the Middle East, Africa, and South Asia (MEASA) region. It is a hub for many financial services companies. Salmaan Jaffery, chief business development officer at DIFC Authority, expressed that DIFC is one of the global leaders where leading financial and fintech institutions have gained momentum in the region. The innovation hub serves as a robust tech-driven ecosystem, providing fintech access to a pool of technology experts. He said, ‘The world’s leading financial and fintech institutions are based at DIFC, and we are delighted to welcome Napier into the fold.’
Napier is a well-known name in MEASA and partners with organizations like the Saudi Arabian Monetary Agency, Central Bank of UAE, and DIFC. The firm planned to hire for the vital roles in different verticals like sales, client services, and support services necessary for a stronghold in the region.
DIFC’s strategic location and innovation have made it a world leader, allowing businesses to build strong relationships with clients all over the world. By embracing modern innovations in financial services and technology, the UAE is accelerating its progress as a leading global financial center.
Singapore and Kuala Lumpur are the latest APAC locations of the London-based fintech company. In addition, it has offices in Australia, Dubai, and North America (Asia-Pacific).
There are approximately half of the country’s fintech companies in Dubai, making it a growing accelerator of fintech companies. During the pandemic in the past year, there were noticeable investments with substantial foreign direct investment (FDI) and within the fintech ecosystem. In the first half of the year, DIFC registered more than 300 fintech companies.
According to Arif Amiri, Chief Executive Officer of DIFC Authority, ‘Global fintech investment represented $137.5 billion invested in 2019 (PwC), indicating that the number of fintech companies in the MENA region will reach 1,845 by 2022.’
According to the Dubai Investment Development Agency (Dubai FDI) of Dubai Economy, there have been $3.26 billion in foreign direct investment (FDI) in the first six months of 2020 from 190 projects even in the crisis.
Fintech venture investments in MENA have soared due to increased online payments in the pandemic market, touching a three-year high in the first quarter of 2021, which expanded by 163% year-on-year with a 70% from the last quarter of 2020.
