Visa opens regional innovation center

Dubai / Emirates Business

Visa (NYSE:V), a global payments technology company, on Monday opened its innovation center in Dubai Internet City (DIC), the region’s largest information and communications technology community. This center will serve the Central and Eastern Europe, Middle East and Africa (CEMEA) regions and is part of a network of new innovation centers that Visa is opening around the world over the course of 2016 and 2017.
The new 4,000 square feet facility in the heart of Dubai Internet City supports Visa’s commitment to drive cashless economies throughout the region. The Dubai facility is designed to replicate the success of Visa’s flagship innovation center, One Market in San Francisco and the Asia Pacific innovation center that recently opened in Singapore.
“The UAE has been among the leaders in the region in adopting and promoting the acceptance of innovative technologies. Fostering a knowledge economy is one of the four pillars outlined in the UAE Vision 2021, highlighting the country’s commitment to technological innovation,” said Kamran Siddiqi, group executive, CEMEA, Visa. “The country’s strategic location, which in itself is a diverse and exciting part of the world, makes it an ideal place for us to build this facility where Visa will work alongside clients and partners to imagine and build creative, cutting-edge digital commerce and payment experiences.”
Visa signs MoU with TECOM Group
Visa and TECOM Group also signed a Memorandum of Understanding (MOU) attended by Dr. Amina Al Rustamani, Group CEO, TECOM Group and senior management members of TECOM and Visa, at the launch. In line with Visa’s collaboration model and TECOM’s vision to encourage and foster innovation, entrepreneurship and digital advancements, the MOU between the two organizations will include a number of collaborative elements
Malek Al Malek, CEO, TECOM Business Parks, said: “We are very proud to partner with Visa to further foster and support innovation in the region. This is a major strategic pillar for TECOM Group, which has played a vital role in Dubai’s diversification and is now supporting efforts to transform the Emirate into an innovation-led economy and Smart City.
“As part of TECOM Group’s innovation strategy, we have led major innovation initiatives including a strategic partnership with Smart Dubai, launch of the in5 Incubation arm in 2013 to support the growth of entrepreneurs and startups across our different verticals thus enforcing a solid entrepreneurial ecosystem in the region, as well as the launch of the Innovation Hub which will see over 15,000 business professionals prosper to stimulate innovation and excellence across technology, new media, education and life sciences.
“Visa’s decision to launch its innovation center in DIC is a testament to our partnership as well as the sector development across the UAE and our leading position in the region. We look forward to working closely with Visa to take the industry into further heights in innovation and creativity.”
The CEMEA innovation center is led by John McGuire who will work with a dedicated team of veteran fintech experts, the larger Visa network and our partners to conceive and develop commerce and payment prototypes.
“At its core, Visa is a technology company and we are constantly evolving to provide immersive, collaborative and localized experiences for our clients and partners in CEMEA,” said John McGuire, vice president of innovation and strategic partnerships and head of the Dubai Innovation Center. “Sitting at the virtual crossroads of tech and finance, Dubai is the ideal place to bring this collaborative approach to life for the diverse needs of this region.”