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Amazon launches fintech lab in Dubai

The payment arm of Amazon-Amazon Payment Services opens ​a fintech lab in Dubai's DIFC Innovation Hub.

The payment arm of Amazon-Amazon Payment Services has opened a fintech lab in Dubai's DIFC Innovation Hub. The Lab's goal is to work with startups and partners to provide a forum for new directions in digital payments.

Speaking on the latest development, managing director of Amazon Payment Services Omar Soudodi said, "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."

"The Lab also brings like-minded entrepreneurs and startups 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."

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, Finextra reported.

Before 2020, the payment arm of Amazon was called Payfort. Amazon's payment arm "provides instalment payments and helps people in dire financial straits make more manageable payments." PYMNTS. Amazon says it wants to 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."

UAE in focus

GDP: $421.142 billion compared to United Kingdom's $2.829 trillion in 2019

Population: 9,770,529 compared to United Kingdom's 66,836,327 in 2019

GDP per capita: $43,103 compared to United Kingdom's $42,328 in 2019