Maktoum Bin Mohammed Engages With Visa's Oliver Jenkyn On Advancing Financial Technology In The UAE
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and UAE's Deputy Prime Minister and Minister of Finance, recently engaged in discussions with Oliver Jenkyn, Visa's Group President for Global Markets. This meeting underscores the UAE's dedication to enhancing partnerships with global financial technology leaders to foster innovation in digital financial services.
Visa has significantly expanded its footprint in the UAE, establishing a 100,000 square feet headquarters in Dubai Internet City in 2021. This facility serves as a hub for the Central and Eastern Europe, Middle East, and Africa (CEMEA) region, supporting operations across approximately 90 countries. The headquarters features an Innovation Centre where start-ups and partners can explore advanced technologies like blockchain and AI.
During the meeting, H.H. Sheikh Maktoum emphasised the UAE's vision for a future-ready financial ecosystem. He stated, "The UAE is committed to strengthening strategic partnerships with leading financial technology companies like Visa, whose advanced expertise aligns with our mission to create a robust, innovative financial landscape driven by next-generation technologies."
The UAE's vibrant business environment and exceptional financial infrastructure have attracted major global financial firms. These companies have not only spurred growth within the UAE but have also influenced the broader region positively. Visa’s expansion over the past decade highlights the vast opportunities available as a gateway to emerging markets.
Visa plays a crucial role in shaping the UAE’s financial landscape. The company achieved net revenues of $32.7 billion in fiscal year 2023, marking an 11% increase from the previous year. Visa facilitates transactions among businesses, banks, and governments across more than 200 countries and territories globally.
H.H. Sheikh Maktoum noted that "the UAE and Dubai are eager to enhance its support for Visa’s expansion and success in the region as part of its vision to drive transformation in the digital economy." The establishment of Visa’s Innovation Centre in Dubai signifies the UAE’s growing influence as a hub for innovations driving the future of digital finance.
The meeting was attended by several key figures including Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Omar Sultan Al Olama, Minister of State for Artificial Intelligence; Helal Almarri, Director General of Dubai Department of Economy and Tourism; and Malek Al Malek from Dubai Holding Asset Management.
As Visa continues to deepen its presence in the UAE, it remains pivotal in advancing digital payment solutions that align with the country's economic goals. The collaboration between Visa and the UAE sets new standards for digital financial services both regionally and globally.
With inputs from WAM
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