DIFC Reaffirms Commitment to Advancing FinTech Ecosystem

• New partnership agreement signed with Tribe Accelerator, the first Singapore government supported Blockchain accelerator to collaborate on knowledge sharing and events

• DIFC Authority and DIFC FinTech Hive built strong relationships during the world’s largest financial technology event in Singapore to drive opportunities for the FinTech sector across the Middle East and South Asia

Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, has reaffirmed DIFC’s commitment to Asian FinTech partnerships and advancing the Centre’s FinTech ecosystem.

DIFC has signed a Memorandum of Understanding (MOU) with Tribe Accelerator, the first Singapore government supported Blockchain accelerator, to collaborate on knowledge sharing and to partner during joint events. The agreement follows DIFC Authority and DIFC FinTech Hive’s recent participation during the Singapore FinTech Festival, the largest financial technology event in the world, boosting DIFC’s profile within the region and generating ongoing business development opportunities.

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 andTrade Finance, ranging from Series A and beyond.

DIFC’s dynamic FinTech ecosystem has more than 100 FinTech companies in 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:“As the leading FinTech hub in the MEASA region, we have been laying a robust foundation for the future of finance for the past 15 years, focusing on developing a pioneering and enabling FinTech ecosystem. Much of our focus has been developing MOUs with organisations and partners who share our vision for accelerating financial innovation.

“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 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.”

DIFC works with stakeholders regionally and internationally to develop a robust digital infrastructure and attractive FinTech ecosystem. The Centre offers an independent regulatory and judicial system, a global financial exchange, access to funding, a dynamic and enabling sector environment, complemented by a diverse and cosmopolitan talent pool and a vibrant business community.