Dubai International Financial Centre (DIFC), an international financial hub in the Middle East, Africa, and South Asia (MEASA) region, announced on Monday it has signed a Memorandum of Understanding (MoU) with Innovate Finance, an independent membership association that is at the heart of the UK’s fintech ecosystem.
According to DIFC, the MoU was signed by Arif Amiri, CEO of DIFC Authority and Natalie Ceeney, CBE, Chair of Innovate Finance at the UAE Embassy in London. The latest signing builds on the global agreements that were agreed by DIFC and FinTech Hive in 2018 with fintech hubs in New York, London, Hong Kong, Kuala Lumpur, Singapore, Mumbai, Paris, Brussels, Holland, and Bahrain.
“This agreement aims to cement cooperation and collaboration between the UK and Dubai FinTech ecosystems. Innovate Finance and FinTech Hive (at DIFC) will explore concepts that will help startups in both locations, ranging from sharing knowledge, hosting learning initiatives for startups such as financial technology programmes in The Academy at DIFC and fostering relationships between their regulatory and financial communities.”
While sharing more details about the MoU, Amiri stated:
“We are pleased to start 2019 by entering into a partnership with Innovate Finance which will help keep the UK and Dubai at the forefront of Financial Innovation. During the year, FinTech Hive at DIFC will work with Innovate Finance and other global partners to strengthen our FinTech ecosystems for the benefit of start-ups who will be able to maximize the market opportunities in both locations.”
Natalie Ceeney CBE, Chair of Innovate Finance, also commented:
“I am delighted to have signed this Memorandum of Understanding with the Dubai International Financial Centre (DIFC). Many global financial centres continue to see the UK as an attractive destination, and we are keen to support future collaborations for our members with partners overseas. Dubai is a rising influencer within the financial technology space and we look forward to developing a comprehensive partnership which will enable both large and small FinTechs in our respective hubs to scale.”
DIFC added that more than 80 FinTech sector-related companies now form part of the DIFC FinTech ecosystem and the Centre is committed to enhancing its reputation as the Middle East, Africa and South Asia’s most comprehensive FinTech market.