Fintech Surge 2024, the region’s most anticipated fintech gathering, took centre stage at Dubai Harbour from October 13-16, 2024. As an integral part of Expand North Star, powered by GITEX GLOBAL, this event brought together fintech pioneers, innovators, and industry leaders from across the globe. With over 100 exhibitors, 1,200 investors, and 120 speakers representing more than 70 countries, Fintech Surge 2024 stood out as a major platform for shaping the future of financial services, investments, and technological advancements in the fintech space.
Here’s a detailed look at the key highlights from the event, with a special focus on the contributions of the MENA Fintech Association (MFTA), significant industry developments, and the exciting partnerships that unfolded.
FINTECH SURGE 2024: UNVEILING CRITICAL TRENDS
The Global Fintech Investment Surge
Fintech Surge 2024 came at a pivotal moment for the UAE, where fintech funding surged by 92% in 2024, amounting to $1.3 billion. This positions the UAE as the sixth-largest fintech market globally. The event focused heavily on fintech investment strategies, digital banking evolution, and the potential of embedded finance and autonomous finance to drive future growth.
Peter Brady, Associate Vice President at Dubai World Trade Centre, emphasized the UAE’s role in global fintech, saying,
“Fintech Surge is where the world’s fintech entrepreneurs come to trade in innovation. This year’s edition welcomes international companies at the forefront of embedded finance, autonomous finance, and digital currencies.”
With the global fintech market projected to grow from $226.71 billion in 2023 to $917.17 billion by 2032, the event’s discussions on emerging markets, regulatory trends, and technologies like AI and blockchain were crucial.
Empowering SMEs: Fintech’s Role in Business Growth
A key focus of Fintech Surge 2024 was SME growth through fintech. The event featured panels like “Digitising MSMEs for Financial Growth,” where experts discussed how cloud computing, AI, and open banking can provide innovative financial solutions to micro, small, and medium-sized enterprises.
Nicolas Levi, CEO of du Pay, UAE, commented,
“AI will bring solutions that were previously only available to large investors to smaller investors, revolutionizing access to financial services.”
These discussions underscored how fintech continues to democratize financial tools for businesses, empowering SMEs to thrive in an increasingly digital world.
Sustainability & Fintech: A New Focus
This year, Fintech Surge introduced a Green Fintech Pavilion and Green Day Conference, featuring groundbreaking startups offering sustainable finance solutions. As part of the global sustainability initiative, the event sought to encourage green finance by facilitating over 250 MoUs signed by investors pledging to focus on sustainable practices.
This effort further solidified the UAE’s commitment to sustainability, in line with its broader goals for COP28.
MENA FINTECH ASSOCIATION’S IMPACT AT FINTECH SURGE 2024
The MENA Fintech Association (MFTA) played a key role at Fintech Surge 2024, hosting roundtables, networking events and facilitating discussions on regulations, digital assets, and the future of fintech in the region.
AI Regulations Roundtable: Innovation vs. Regulation
MFTA’s Policy & Regulations Working Group hosted a captivating roundtable titled “AI Regulations: A Welcomed Development Globally or an Impediment to Innovation?” featuring experts like Dr. Marwan Alzarouni (CEO of AI at Dubai’s Department of Economy and Tourism), Samir Safar-Aly (MFTA Co-Chair & Fintech Lead at Baker McKenzie), and Lori Baker (VP of Data Protection at DIFC). The session focused on how to balance regulation and innovation, ensuring that AI-driven financial solutions can grow without unnecessary regulatory roadblocks.
Key takeaways:
- Collaboration is critical: Regulators and innovators must work together to create policies that support both innovation and consumer protection.
- Navigating regulatory challenges: AI regulation must evolve to accommodate new financial technologies without stifling their growth.
Digital Assets Roundtable: The Future of Neobanking
Led by Ronit Ghose (Head of Future Finance at Citi) and Serena Sebastiani (Director at PwC), MFTA’s Digital Assets Working Group explored the future of neobanking under the theme “Shaping the Future of Neobanking in 2025 & Beyond.” This session discussed how neobanks are evolving to meet customer demands, leverage new technologies like blockchain and AI, and navigate complex regulatory frameworks.
Strategic Partnerships: MFTA & Fintech Lithuania
One of the standout moments was the MOU signing between MFTA and Fintech Lithuania, witnessed by H.E. Ambassador Ramunas Davidonis. This partnership promises to bridge fintech ecosystems across the MENA region and Lithuania, focusing on areas like digital banking, compliance, and cybersecurity.
After Hours & Friends of Fuze: Networking & Collaboration in Full Swing
During Fintech Surge 2024, the MENA Fintech Association hosted two remarkable networking events that lit up the fintech community: the After Hours – Gitex Edition and Friends of Fuze, both designed to foster collaboration and innovation.
MFTA After Hours – Gitex Edition
This exclusive gathering, powered by Jensen Matthews PR, brought together over 300 industry professionals, including innovators, leaders, and changemakers from across the fintech ecosystem. It wasn’t just a casual networking event—it was a powerful platform for fintech players to forge new partnerships and engage in forward-thinking discussions. The event’s energy and excitement were palpable, as attendees explored opportunities for collaboration and partnerships that would shape the future of fintech in the MENA region In partnership with Fuze, MFTA co-hosted Friends of Fuze, another standout networking event. Spearheaded by Mo Ali Yusuf (CEO of Fuze) and Ronit Ghose (Head of Future Finance at Citi), this exclusive gathering brought together fintech thought leaders to discuss the evolving landscape of digital assets, blockchain, and collaborative partnerships. The event created an intimate platform for professionals to dive deep into the opportunities and challenges facing the fintech industry, particularly around regulatory frameworks and innovation in financial technologies.
Both events were pivotal in reinforcing MFTA’s role as a connector within the fintech community, bringing together some of the most influential voices in the industry to exchange ideas and shape the future of financial services. These sessions not only facilitated strategic partnerships but also highlighted MFTA’s commitment to driving collaboration and innovation across the region.
INNOVATION ON DISPLAY: LIVE DEMONSTRATIONS & FINTECH AWARDS
The Fintech Surge 2024 featured 20 of the world’s most innovative fintech startups, showcasing live prototypes that push the boundaries of what’s possible. From AI-driven banking solutions to cutting-edge stablecoins and Central Bank Digital Currencies (CBDCs), these demonstrations highlighted the future of digital transactions.
Furthermore, the MEA Finance Fintech Awards recognised innovation and excellence across six categories: Paytech, Insurtech, Wealthtech, Regtech, Customer Services, and Tech Solutions. This awards program celebrated the best-in-class fintechs that are shaping the region’s future.
CONCLUSION: LOOKING AHEAD TO FINTECH SURGE 2025
As Fintech Surge 2024 wrapped up, it was clear that this event has solidified its position as a gateway to global fintech innovation. From groundbreaking AI solutions to empowering SMEs and fostering international partnerships, Fintech Surge 2024 demonstrated that the MENA region is at the forefront of the fintech revolution.
Next year’s event, scheduled for October 12-15, 2025, promises to be even bigger, with more exhibitors, investors, and thought leaders coming together to shape the future of global finance.
The MENA Fintech Association (MFTA) will continue to play an integral role in supporting the fintech ecosystem across the region. Through its working groups and collaborative efforts, MFTA remains committed to driving regulatory clarity, fostering innovation, and building a thriving fintech landscape. As AI, blockchain, and digital assets continue to evolve, MFTA will lead the charge in ensuring that regulation and innovation coexist seamlessly, enabling sustainable growth across the sector. Expect MFTA to continue hosting impactful events and roundtables, shaping discussions that drive fintech innovation not just in the MENA region but globally.
Suggested Infographics (For Tayyaba)
- “AI and Fintech Growth in MENA”:
- Visual representation of the AI adoption in fintech across the MENA region.
- Highlight the increase in fintech funding (92% in 2024) and the projected market size by 2032.
- “Key Themes from Fintech Surge 2024”:
- A breakdown of major event topics such as AI in financial services, neobanking innovations, sustainability in fintech, and SME empowerment. Include statistics like the number of investors and startups that participated.
