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Amazon Payment Services drives discussion around the future of digital currencies at DIFC Fintech Week 2022

Amazon Payment Services Booth at DIFC Fintech Week

This week, Amazon Payment Services, a regional leader in digital payments operating across the Middle East and North Africa (MENA), took part in the inaugural DIFC Fintech Week 2022. A thought leadership conference, DIFC Fintech Week took a deep dive into the latest opportunities, challenges, and technology trends driving the region’s financial services sector.

During DIFC Fintech Week, Amazon Payment Services hosted the ‘Startup Pitch Competition’ which witnessed entrepreneurs and innovators from the industry pitch their business ideas to a panel of Amazon Payment Services senior executives. The winning team then moved on to explore potential business opportunities with the Amazon Payment Services team.

Supporting business of all sizes, Amazon Payment Services also rolled out its ‘DIFC Fintech Week Offer’ exclusive to new businesses that sign up during the event. The offer allows new businesses to enjoy 0% transaction fees up to a value of AED 200,000, in addition to receiving support from a dedicated account manager to fast-track their onboarding.

Throughout the event, Amazon Payment Services executives engaged in discussions with fintech leaders, innovators, enterprises, investors, and policymakers from across MENA. Discussions were anchored around how digital currencies can be safely and successfully integrated into payment options available in the region, to increase efficiency and widen the choice available for the region’s businesses and their customers.

Peter George, Managing Director at Amazon Payment Services, said: “As the payment landscape continues to evolve, we remain focused on exploring the role digital currencies could play in payments. We believe that new technologies will enable fast, safe, and inexpensive payments, and we aim to be part of this future in ways that improve the convenience and choice for both businesses, and their customers. We are excited to see DIFC fostering innovation around the future of fintech, under the leadership of Arif Amiri, CEO of DIFC Authority, and look forward to growing our collaboration with them through the DIFC Innovation Hub.”

During the conference, Mohamad Imtiyaz, Head of Business Development for Amazon Payment Services, led a Tech Talk session highlighting how innovation in payment services will pave the way for digital payments. Srinath Hariharan, Head of Product Management for Amazon Payment Services, also participated in a panel discussion at DIFC Fintech Week 2022 which discussed the evolution of Buy Now, Pay Later, and the implications for businesses and their customers.

Amazon Payment Services’ participation at DIFC Fintech Week falls in line with its commitment to engage with, and foster, the fintech, online retail, and wider business communities across MENA through the Amazon Fintech Lab, a hub for digital innovation based in the heart of Dubai’s financial and fintech center.

As part of the activities taking place with the Amazon Fintech Lab, Amazon Payment Services is working with innovators, start-ups and partners to support new programs and ideas, and advance knowledge on digital payments and the fintech sector worldwide. Through the Amazon Fintech Lab, they support startups by providing mentorship and training in both tech and non-tech areas, and accelerating their growth through opportunities for partnership with Amazon. 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, and driving innovation through partnerships.

A holistic payments solution, Amazon Payment Services supports merchants beyond payments through data-driven insights, an extended services portfolio, advanced technologies and value-added services, as well as a strong and growing network of partners throughout the region. By innovating on behalf of its merchants and facilitating local and global payment methods, Amazon Payments Services enables them to focus and grow their core business, while expanding to new countries with more ease.