TECOM Group signs an MoU with Visa at the launch of their 1st CEMEA innovation center

On 16th May Visa launched their 1st Central and Eastern Europe, Middle East and Africa (CEMEA) regions in Dubai Internet City. This is part of a network of new innovation centers that Visa is opening around the world over the course of 2016 and 2017.

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 recently opened in Singapore.

Alongside the launch, TECOM Group and VISA signed a Memorandum of Understanding (MOU) is in line with VISA’s collaboration model and TECOM’s vision to encourage and foster innovation, entrepreneurship and digital advancements. This collaboration will include Innovation related initiatives, support startups and entrepreneurs by offering mentorship and guidance, leverage each other’s networks to capitalize opportunities to promote digitally advanced and innovation related solutions and refer to each other as ‘Partners’ and Supporters’ in all initiatives aligned to the vision.

The MoU ceremony was attended by  Dr. Amina Al Rustamani Group CEO of TECOM Group and Malek al Malek, CEO of TECOM Business Parks including the leadership team of VISA.

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 15000 business professionals prosper to stimulate innovation and excellence across technology, new media, education and life sciences.”

“Visa’s decision to launch its innovation centre 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 and who will work with a dedicated team of veteran fintech experts who will work with the larger Visa network and 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.”