Dubai International Financial Centre (DIFC), the international financial hub in the Middle East, Africa and South Asia (MEASA) region, has announced that it 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, added:
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.