Amazon Payment Services, a payment processing service in the Middle East and North Africa (MENA) region, has launched the Amazon Fintech Lab in the DIFC Innovation Hub. „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,” according to the press release.
The Amazon Fintech Lab has been designed with the specific intention of supporting innovation in fintech through networking and collaborating with DIFC’s community of SMEs, financial institutions and start-ups throughout an ongoing program of events during which different stakeholders and teams will be hosted in a variety of forums to discuss the different payment pain-points and come up with collaborative solutions for them.
„These efforts will help develop Amazon Payment Services 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,” the company says.
Omar Soudodi, Managing Director of Amazon Payment Services: “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,” he said. “The Lab also brings likeminded entrepreneurs and start-ups 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.”
Arif Amiri, CEO of DIFC Authority, said: “We welcome Amazon Payment Services first Fintech lab in the world at the Innovation Hub in DIFC. 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. We are looking forward to working together to drive the future of finance.”
The Amazon Payment Services Fintech Lab is another initiative that reflects the values Amazon infuses in its approach to all its ventures, products, and services. Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking.
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