|06 January, 2019

Dubai International Financial Centre's FinTech Hive cements collaboration with Innovate Finance

Agreement to foster collaboration between the UK and Dubai's FinTech ecosystems

Arif Amiri, CEO of DIFC Authority

Arif Amiri, CEO of DIFC Authority

  • Latest in a series of global collaborations to keep UK and Dubai at the forefront of FinTech

Dubai: 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 Innovate Finance, an independent membership association that is at the heart of the UK’s FinTech ecosystem.

The MOU was signed by Arif Amiri, Chief Executive Officer of DIFC Authority and Natalie Ceeney, CBE, Chair of Innovate Finance at the UAE Embassy in London. The latest signing builds on the 10 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.

Arif Amiri, Chief Executive Officer of DIFC Authority, said: “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 maximise the market opportunities in both locations.”

Natalie Ceeney CBE, Chair of Innovate Finance, said: “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.”

Over 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. This proposition includes an innovation-testing license, FinTech license, an interactive and collaborative workspace, along with access to the largest financial community in the region. Applications for DIFC’s USD 100m FinTech Fund are also expected to open in the next few months to accelerate the development of financial technology by investing in startups.

-Ends-

About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of US$ 7.7 trillion.

With a 15-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of [more than 22,000 professionals working across over 2,000 active registered companies] – making up the largest and most diverse pool of industry talent in the region.

The Centre’s vision is to drive the future of finance.  Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.

Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.

For further information, please visit our website: www.difc.ae

For media enquiries, please contact:
Manal Shaikh
Dubai International Financial Centre Authority
Senior Manager, Communications
Tel: +971 4 362 2453
Email: manal.shaikh@difc.ae
Joudi Issa
Brunswick Group
Tel: +971 4 560 9600
Email: DIFC@brunswickgroup.com

Innovate Finance
Founded in 2014 and supported by the City of London Corporation and Broadgate, Innovate Finance advances the country’s leading position in financial services, supporting the next generation of technology-led innovators. Innovate Finance is the hub of the UK’s FinTech ecosystem and we measure our success by helping our members connect, scale and innovate, working with government, regulators and other stakeholders to help create the best possible ecosystem in the UK, in which FinTech can flourish and showcasing the difference that FinTech can make as it plays an increasingly critical role to the future of society.

Press Enquiries:
Clare Black
Strategic Communications Advisor
clare@innovatefinance.com
44 (0)20 3903 1872

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases