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- MoU to create synergies and promote knowledge sharing in the areas of financial services and FinTech
- The two entities to collaborate on sharing best practices and delivering enhanced services to their communities
- Further differentiates DIFC as the region’s chosen financial centre for Chinese institutions conducting Belt and Road activities
Dubai, UAE: – Dubai International Financial Centre (DIFC), the leading financial hub in the Middle East, Africa, and South Asia region (MEASA), announced today that it has signed a landmark Memorandum of Understanding (MoU) with China Banking Association (CBA). This will be a significant addition to the Centre’s global network of strategic partnerships.
DIFC and CBA will collaborate on sharing best practices and delivering enhanced services to their communities of over 2,000 active registered firms operating in the Centre, and 695 member units in the Association in the areas of financial services and FinTech. Additionally, the two entities will explore ways of providing education and professional training to the relevant members of their respective communities, in areas of common interest and mutual benefit.
The MoU was signed by Arif Amiri, Chief Executive Officer of DIFC Authority, and Mr. Guangwei Pan, Chief Executive Officer of China Banking Association.
“This partnership with China Banking Association is a strategic milestone in cementing DIFC’s longstanding connection to China’s financial community. What we aim to create, together with China Banking Association, is a stream of opportunities and best practices that allow our communities to collaborate on unlocking new areas for development”, said Arif Amiri, commenting on the MoU.
“The world-class infrastructure we have built in DIFC is rapidly becoming the ideal gateway for Chinese institutions to access the fast-growing markets of the MEASA region and undertake activities that support Belt and Road initiatives. This is not limited to large financial institutions, but also applies to some of China’s most exciting FinTech firms”, he added.
Mr. Guangwei Pan said, “As the economic powerhouse of the UAE, the first Arab state of the Persian Gulf that built a strategic partnership with China, Dubai is a perfect place for Chinese banks to tap into the MEASA markets and work with local institutions in Belt and Road Initiative. This reciprocal MoU identified numerous areas in which the two entities can work together, such as Fintech, trainings and regulatory information sharing. As China is opening its door wider and recently launched more favourable policy for foreign financial institutions, this MoU comes just at the right time, further benefiting the UAE’s financial institutions for their development in China.
DIFC is home to the regional headquarters of China’s four largest banks in terms of total assets; ICBC, China Construction Bank, Bank of China, and Agricultural Bank of China. These banks manage and oversee investments across Africa, Central Europe and the Middle East through the internationally-recognised platform of DIFC.
Earlier this month, DIFC has received a high-profile delegation from the People’s Government of the Hubei Province in China to discuss collaboration opportunities as part of China’s Belt and Road Initiative. The parties also explored new areas of growth that would be of interest and benefit to Chinese institutions based in the Centre.
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About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is one of the world’s top 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, 2,003 active registered companies operate from the Centre, with a combined workforce of 22,768 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$7.7 trillion.
For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC.
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
About China Banking Association
China Banking Association (CBA), the one and only nationwide non-profit self-regulation organization that represents China’s banking sector, was founded in 2000. By the end of Sep 2018, CBA has 695 members and 35 observers and 32 professional committees.
China Banking Association aims to promote the common interests of member units for the purpose of fulfilling self-discipline, rights, coordination, service functions, safeguarding the legitimate rights and interests of the banking industry, maintaining the banking market order, improve the quality of banking practitioners, improve the level of membership services, promote the healthy development of the banking industry.
The members include policy banks, state-owned commercial banks, joint-stock commercial banks, city commercial banks, rural credit cooperatives, rural commercial banks, asset management companies, foreign banks, private banks, financial lease companies, currency brokers, auto financing companies, village and township banks, provincial (autonomous regions, municipalities, municipalities) banking associations, the Postal Savings Bank of China and the China Central Depository & Clearing Co. Ltd. The observers include China Unionpay, Rural Credit Banks Capital Clearing Center, Shandong City Commercial Banks Alliance, City Commercial Bank Clearing Center and branches/offices of Taiwan banks.
Focusing on various aspects of the banking sectors, CBA has set up 32 special committees. The special committees include the Legal Committee, the Self-Regulation Committee, the Loan and Syndication Committee Office, the Certification Committee for Banking Professionals, the Foreign Banks Committee, Custody Business Committee, the Factoring Committee, the Financial Leasing Committee, the Bank Card Committee, the Industry Development and Research Committee, the Consumer Protection Committee, the Intermediary Business Committee, the Currency Broker Committee, the Pension Committee, the Wealth Management Committee, the City Commercial Banks Committee, the Interest Rate Committee, the Security and Safeguard Committee, the Automobile Finance Committee, the Client Service Committee, the Financial Accounting Committee, the Green Credit Committee, the Bill Committee, the Private Bank Committee, the Township and Village Committee, the Rural Cooperative Finance Committee, the Loan and Syndication Committee, the Banking Product and Service Standardization Committee, the IT Committee, the Taiwan-Funded Bank Committee, the Reputation Risk Management Joint Committee and the Consumer Finance Committee.
For further information, please visit our website: http://www.china-cba.net/ .
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