Amazon Rolls Out Dubai-Based FinTech Lab

Amazon Payment Services, the Middle East and North Africa (MENA) region-based payment processing service, has launched a new FinTech lab, according to a report from Arab News.

Called the Amazon Fintech Lab in the Dubai International Financial Centre (DIFC) Innovation Hub, it will be used as a way to engender discussions on digital payment world along with the future of the FinTech industry. It’s part of the Dubai Future District announced in January 2020 by Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai.

The intent is to help foster the startup community in a way to build a future for finance.

With its new FinTech lab, Amazon intends to add new things to the community, including mentorship, roundtables, workshops, keynote speakers and more research on digital services, FinTech and the larger tech world.

Omar Soudodi, managing director of Amazon Payment Services, recently spoke as part of the DIFC Innovation Hub’s first month of events, saying the company wanted to “turn exciting new ideas and concepts into transformational and disruptive forces in fintech.”

“The lab also brings like-minded entrepreneurs and startups together with new and existing business partners to cultivate innovation in the fintech and digital services arena, supported by Amazon’s global expertise on new products and services, and knowledge sessions on topics related to the payments sector,” he said, according to the report.

Arif Amiri, CEO of DIFC Authority, said: “We welcome Amazon Payment Services’ first fintech lab in the world at the Innovation Hub in DIFC. By choosing DIFC, Amazon has the ideal platform to grow given they are now part of the Middle East, Africa and South Asia’s largest and comprehensive financial, technology and innovation ecosystem. We are looking forward to working together to drive the future of finance.”

Amazon Payment Services used to be called Payfort, changing its name in 2020. The company provides installment payments and helps people in financial dire straits make easier payments.