Sunday 26, November 2017 by Jessica Combes

Fidor expands Middle East Africa regional hub in Dubai Silicon Oasis

 

Digital banking solutions provider Fidor has put its expansion strategy into action through its newest office extension in Dubai Silicon Oasis, the integrated free zone technology park.

Dr Juma Al Matrooshi, Deputy CEO Operations and Client Affairs at Dubai Silicon Oasis Authority and Matthias Kröner, Founder and CEO of Fidor led the inauguration of Fidor’s regional headquarters in the presence of senior officials from DSOA and Fidor.

The Middle East is quickly becoming an important region for digitalisation, with digital consumer adoption in the United Arab Emirates and Bahrain being amongst the top countries in the world. The region has more than 100 per cent smartphone penetration and over 70 per cent social media adoption–even higher than the United States, according to McKinsey’s Digital Middle East report.

Given the high adoption rate, businesses and government bodies within the region have realised the need to innovate and transform themselves in response to the growing needs of these new tech savvy consumers and considering that Fintech is emerging as one of the most rapidly growing industries.

With the reinforcement of its presence in the region, Fidor also aims at extending its solutions and services’ availability across Africa responding to the financial needs of dispersed population leveraging on its cutting-edge fidorOS platform.

Fidor is committed to contributing to the region’s growth by helping strengthen the fintech community and support the region’s economy through local employment and new talent searches. Fidor plans to further increase the number of employees in line with the newly expanded regional hub in Dubai and to answer to a rapidly growing global customer base. Recruitment for these opportunities is already underway. Last year, Fidor signed a partnership agreement with Abu Dhabi Islamic Bank to launch their first digital brand.

The strategic location of Dubai Silicon Oasis, and its position as a reputable and much sought-after ground for technology-based companies, leverages the free zone as ideal headquarters for Fidor. The UAE has become a central hub for innovative fintech companies and is at the crossroads of many regions. Currently, the Fidor Group has offices in Munich, Berlin, New York, Singapore and Dubai, and is operating in the UK and France.

“When founding Fidor Bank and eventually Fidor Solutions, I could not have imagined the path that lies ahead. Seeing the company go from a small fintech company and grow into a global player that works with many industry leaders, I’m incredibly proud of the work our team has done. Our vision resonates with the market and is driven by consumers. Dubai is the natural next step for us at Fidor, especially because of the region’s growth within ecommerce, payments and its overall digitisation. As we continue to grow and thrive, I only expect more great things as we expand across more borders and into new regions and markets,” said Matthias Kröner, founder and CEO of Fidor.

Al Matrooshi added that since its establishment, Dubai Silicon Oasis Authority has worked relentlessly to establish itself as a hub that caters to the needs of technology-focused startups and multinational corporations. Today, these efforts have reinforced DSO’s status and credentials as the go-to free zone offering tech enterprises top-of-the-line facilities, services, and ease of access.

“The growth of our UAE office aligns with our long-term strategy for global expansion. In addition to our ambition to excel within digital banking solutions that are relevant to customers, we’re conscious of our impact on the way we will bank in the future. It is also a testimony to offer service excellence to our growing global client base,” said Ge Drossaert, Group CCO at Fidor.

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