Amazon is opening a Fintech Lab at Dubai's DIFC Innovation Hub, working with startups and partners to provide a forum for new directions in digital payments.
Amazon intends to use the Lab to support the local startup community through networking, mentorship, roundtables, workshops, keynote speakers and research around the topics of digital services, fintech and the global tech arena.
The tech giant hopes to tease out pain points for SMEs in handling payments which can then be funneled through to the ongoing development of Amazon Payment Services. The company says it wants grow the business "as the next global leader of financial technology and support its mission to reimagine the digital payments experience for both merchants and customers in the region".
Omar Soudodi, managing director of Amazon Payment Services, highlights the importance of supporting regional start-ups and fintech companies to drive innovation.
“Through the Amazon Fintech Lab, we work with innovators and visionaries to turn exciting new ideas and concepts into transformational and disruptive forces in fintech,” he says. “The Lab also brings likeminded entrepreneurs and start-ups 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.”