Dubai-China FinTech agreement brings new opportunities for DIFC

The MoU will enable the centre to further support the UAE in facilitating the ‘Belt and Road’ economic initiative

  
Dubai International Financial Centre (DIFC) welcomes back clients, visitors, retailers, and restauranteurs at the Centre. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.

Dubai International Financial Centre (DIFC) welcomes back clients, visitors, retailers, and restauranteurs at the Centre. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.

DUBAI - Dubai International Financial Centre, DIFC, has signed a Memorandum of Understanding, MoU, with Jiaozi Fintech Dreamworks, one of China’s first Fintech innovation and entrepreneurship platforms.

The MoU will enable the centre to further support the UAE in facilitating the ‘Belt and Road’ economic initiative and forms a central part of the Centre’s 2024 strategy to strengthen relationships with the international financial community and increase access to the South-South corridor, DIFC said in a statement on Saturday.

The agreement signed by Arif Amiri, CEO of DIFC Authority, and Wang Juan, Chairperson of Jiaozi Fintech Dreamworks, will enable FinTech firms based in both jurisdictions to benefit from a wealth of mutually beneficial opportunities, as well as access to respective markets.

Jiaozi Fintech Dreamworks is based in Chengdu, capital of Sichuan Province and one of China’s emerging international financial centres. Chengdu has an important reputation in the world of finance having reportedly been the first place in the world to introduce paper bank notes. They now share a vision with DIFC to drive the future of finance by developing the next generation of tools for use in the industry.

With Dubai recognised as one of the world’s top ten FinTech hubs and home to the region’s first and most comprehensive FinTech ecosystem, DIFC is well placed to make substantial progress on its objective to shape the future of finance. In recent years this has manifested in the Centre attracting more than 200 FinTech related companies.

Commenting on the MoU, Amiri said, "Chengdu continues to emerge as a leading financial centre in western China and there are vast opportunities for global FinTech firms to scale in China. In the same way that DIFC is the gateway to the Middle East, African and South Asia, Chengdu can become the equivalent for accessing China and broader Asia region. Sharing expertise and enabling our FinTech firms to work together presents opportunities and builds a collective force for accelerating the FinTech agenda in Dubai and China.

"DIFC is particularly looking forward to collaborating with Jiaozi Fintech Dreamworks on key sectors such as Blockchain, Artificial Intelligence, Big Data and Cloud Computing," he added.

Juan, in turn, commented, "Dubai and DIFC in particular, continues to be the jurisdiction of choice for Chinese firms looking to access the potential of the fast-growing emerging markets in the MEASA region. With a robust Chinese ecosystem including the regional headquarters of China’s four largest banks, we are confident that our agreement will be benefit the Jiaozi Fintech Dreamworks community by helping them tap into new opportunities. Our agreement will also enable talented individuals from both cities to participate in cross-border workshops and training programmes." DIFC continues to see growth in the number of Chinese firms operating from the centre. It is also home to several large Chinese corporations and FinTech firms that are tapping into MEASA markets and working with local institutions on the Belt and Road initiative.

© Copyright Emirates News Agency (WAM) 2020.

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