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|01 July, 2018

DIFC collaborates with France’s Finance Innovation to promote fintech growth

The collaboration will support the development of the fintech ecosystem in both markets

Image used for illustrative purpose. Emirates Towers in DIFC, Dubai.

Image used for illustrative purpose. Emirates Towers in DIFC, Dubai.

Core Savills/Handout via Thomson Reuters Zawya

Dubai International Financial Centre (DIFC) has signed a Memorandum of Understanding (MoU) with Finance Innovation, France’s official innovation cluster for the financial industry, based in Paris. The collaboration will support the development of the fintech ecosystem in both markets and facilitate knowledge sharing and collaboration between their regulatory and financial communities.

“We are delighted to partner and build close ties with world-renowned entities, such as Finance Innovation. We will be exploring potential collaboration relating to our FinTech funds and strengthen efforts to support the growth of the regional FinTech and venture capital ecosystem. We look forward to working closely with Finance Innovation and attracting French start-ups to our community,” said Arif Amiri, Chief Executive Officer of DIFC Authority.

As part of the MoU, The Academy at DIFC will potentially host an educational programme on the latest Fintech and innovation trends, while FinTech Hive at DIFC will look to design a programme tailored for the UAE and French fintech start-ups at the FinTech Hive offices. It will also provide French start-ups, endorsed by Finance Innovation, with guidance on commercial establishment and obtaining the Innovation Testing License (ITL) in the Centre.

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“We are excited about our partnership with DIFC and the ample opportunities it will provide to our local start-ups. Dubai is one of the fastest growing FinTech markets and DIFC has paved the way for SMEs to develop and test their products within an internationally-recognised regulatory framework and a robust financial ecosystem. This will ultimately allow French start-ups to expand their presence into the MEASA region and explore further prospects for growth,” said Joelle Durieux, Chief Executive Officer of Finance Innovation.

With over 1,853 active registered companies and a Fintech community of over 50 firms as well as numerous fintech-related clients, DIFC is today MEASA’s leading financial centre and fintech hub. The Centre launched a $100 million fintech-focused Fund to accelerate the development of financial technology by investing in start-ups. This complements DIFC’s fintech ecosystem that comprises of an innovation-testing license, fintech licence, an interactive and collaborative workspace, along with access to the largest financial community in the region.

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