DIFC reaffirms commitment to advancing FinTech ecosystem

Photo: WAM

The Dubai International Financial Centre, DIFC, has reaffirmed its commitment to Asian FinTech partnerships, following the signing of a Memorandum of Understanding, MoU, with Tribe Accelerator of Singapore, to collaborate on sharing of knowledge and to partner during joint events.

The agreement follows DIFC Authority and DIFC FinTech Hive’s recent participation in the Singapore FinTech Festival, the largest financial technology event in the world.

DIFC and Tribe Accelerator also partnered on the first Dubai edition of the Tribe Demo Day in December 2019, which showcased nine growth-stage companies with compelling use cases utilising blockchain technology, ranging from Series A - Post-IPO across verticals such as Media & Advertising, Data, FinTech, Healthcare, Supply Chain and Trade Finance, ranging from Series A and beyond.

DIFC’s FinTech ecosystem has more than 100 FinTech companies at the centre, reflecting a three-fold growth in registered FinTech firms since the end of 2018, intimating a sharp rise in 2019, as leading international and regional FinTech companies choose the DIFC as their preferred jurisdiction from which to scale their business in the region.

Long-term strategies are in place to attract and retain key players and investors to the financial services sector and the DIFC’s thriving FinTech community benefits from the strong relationships the centre has built with key international accelerators through ongoing delegations, strategic agreements and mutually beneficial partnerships with key global financial centres.

Arif Amiri, Chief Executive Officer, DIFC Authority, said, "Dubai is the gateway to the MEASA region for aspiring FinTech firms, innovators and entrepreneurs seeking to expand in the region. Our MoU with Tribe Accelerator reinforces the robust and collaborative business relationship between Dubai and Singapore-based firms, as well as the DIFC’s strategic goal to drive the future of finance through an enabling business environment. Singapore FinTechs are proven pioneers within financial technology and dedicated to driving growth through strategic partnerships with like-minded institutions and entities to highlight the wealth of opportunities for FinTech organisations in the MEASA."

The DIFC works with stakeholders regionally and internationally to develop robust digital infrastructure and attractive a FinTech ecosystem.

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