Dubai, UAE: Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, 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.

The MoU, was signed by Arif Amiri, Chief Executive Officer of DIFC Authority, and Joelle Durieux, Chief Executive Officer of Finance Innovation as a key part of the Fin&Tech Community Conference that took place in Paris on 27 June 2018.

Commenting on the MoU, Arif Amiri, said: “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 startups to our community.”

On this occasion, Joelle Durieux, said: “We are excited about our partnership with DIFC and the ample opportunities it will provide to our local startups. 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 startups to expand their presence into the MEASA region and explore further prospects for growth.”

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 startups at the FinTech Hive offices. It will also provide French startups, endorsed by Finance Innovation, with guidance on commercial establishment and obtaining the Innovation Testing License (ITL) in the Centre.

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 USD 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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About Dubai International Financial Centre  

The Dubai International Financial Centre (DIFC) is one of the world’s top ten financial centres, and the leading financial hub for the Middle East, Africa and South Asia.  The Centre provides a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas and facilitates growth in South-South trade and investment. An onshore, international financial centre, DIFC offers a stable, mature and secure base for financial institutions to develop their wholesale businesses.

The Centre offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulator and judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.

Located midway between the global financial centres of New York, London in the West and Singapore, Hong Kong in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.

In 2015, DIFC launched its 2024 growth strategy, a blueprint for the next decade of growth of the financial hub. This strategy aims to stimulate trade and investment flows along the South-South economic corridor encompassing the Middle East, Africa, Southern Asia and Latin America. 

Currently, 1,853 active registered companies operate from the Centre, with a combined workforce of 22,338 professionals.

DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 3 billion and nominal GDP of US$7.4 trillion.

For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC. 

For media enquiries, please contact:
Hajar Al Ketbi
Dubai International Financial Centre Authority
Vice President - PR, Corporate Communications & Sustainability
Tel: +971 4 362 2440
Email: Hajar.AlKetbi@difc.ae 

Joudi Issa
Brunswick Group
Tel: +971 4 560 9600
Email: DIFC@brunswickgroup.com

About Finance Innovation 

Founded in 2007 by the French Public Authorities, Finance Innovation is the unique cluster for innovation in the French financial sector. It has directed concrete actions to accelerate the creation and development of innovative projects devoted to economic, societal and environmental challenges in the service of growth and employment.

With over 500 members (our members are primarily innovative SMEs, bank and insurance corporation but also major universities, research labs, public authorities), Finance Innovation seeks to address the key barriers and opportunities in the financial ecosystem. 

For further information, please visit: https://finance-innovation.org/en

© Press Release 2018

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