Amazon Payment Services Launches Amazon Fintech Lab to Foster Innovation in Payment Services at Dubai’s DIFC Innovation Hub

• The Amazon Fintech Lab is a hub for digital innovation and creativity based in the heart of Dubai’s financial and fintech center
• Amazon Payment Services is working with innovators, start-ups and partners at Amazon Fintech Lab to support new programs, ideas and advance knowledge on the digital payments and fintech sectors worldwide

Amazon Payment Services, a payment processing service in the Middle East and North Africa (MENA) region, has launched the Amazon Fintech Lab in the DIFC Innovation Hub. The initiative is the latest in Amazon Payment Services’ efforts to support fintech in the region by providing a forum for discussions on digital payments and the future of the fintech industry.

Part of the Dubai Future District announced in January 2020 by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the DIFC Innovation Hub is the region’s largest environment aimed at fostering the startup community to shape the future of finance and future economies in the region. A hub for digital innovation and creativity, the Amazon Fintech Lab is supporting this community through networking, mentorship, roundtables, workshops, keynote speakers and research around the topics of digital services, fintech and the global tech arena.

During the launch of the DIFC Innovation Hub last month, the Amazon Fintech Lab was honored with an official visit by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Centre.

The Amazon Fintech Lab has been designed with the specific intention of supporting innovation in fintech through networking and collaborating with DIFC’s community of SMEs, financial institutions and start-ups throughout an ongoing program of events during which different stakeholders and teams will be hosted in a variety of forums to discuss the different payment pain-points and come up with collaborative solutions for them. These efforts will help develop Amazon Payment Services 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.

As part of the DIFC Innovation Hub’s inaugural month of activities, Omar Soudodi, Managing Director of Amazon Payment Services, delivered a talk highlighting the importance of supporting regional start-ups and fintech companies for driving innovation in an advanced knowledge economy. “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 said. “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.”

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.”

The Amazon Fintech Lab is another initiative that reflects the values Amazon infuses in its approach to all its ventures, products, and services. Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon.