The Banking Executive Magazine - Issue 150, June 2021

Amazone Amazon Payment Services opens FinTech Lab in Dubai's DIFC MENA-based payment processing service Amazon Payment Services has launched the Amazon FinTech Lab in the DIFC Innovation Hub to support regional fintech companies. The initiative will serve the DIFC In- novation Hub, which is a dedicated zone for innovators and investors, by providing a forum for discussions on digital payments on digital payments and the future of the FinTech indus- try, the company said in a statement. “Through the Amazon Fintech Lab, we work with innovators and vision- aries to turn exciting new ideas and concepts into transformational and disruptive forces in fintech,” said Omar Soudodi, managing director of Amazon Payment Services. Arif Amiri, CEO of DIFC Authority said they were looking to drive the future of finance. “By choosing DIFC, Amazon Payment Services 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,” he said. The Amazon Fintech Lab has been designed to support innovation in fintech through networking and col- laborating with DIFC’s community of SMEs, financial institutions and start- ups throughout an ongoing program of events. Various stakeholders and teams will be hosted in a variety of forums to discuss the different pay- ment pain-points and come up with collaborative solutions for them, the statement said. the BANKING EXECUTIVE 38 ISSUE 150 JUNE 2021