DIFC: Dubai/China fintech agreement offers new opportunities
Leading international financial hub in the Middle East, Africa and South Asia (MEASA) - Dubai International Financial Centre (DIFC) - has signed a Memorandum of Understanding (MOU) with Jiaozi Fintech Dreamworks - one of the first Fintech innovation and entrepreneurship platforms in China.
The MOU will enable the DIFC to provide further support in the UAE, facilitating the ‘Belt and Road’ economic initiative, in addition to being a central part of the DIFC’s 2024 strategy to strengthen its international relationships within the financial community and increase its access to the South-South corridor.
Based in Chengdu - which has a reputation for being the first place in the world to introduce paper bank notes - shares a vision with the DIFC to drive the future of finance with the development of the next generation of tools for the industry.
Signed by Arif Amiri, CEO of DIFC Authority, and Wang Juan, Chairperson of Jiaozi Fintech Dreamworks, the MOU will enable FinTech firms based in both China and Dubai to benefit from multiple beneficial opportunities and access to respective markets.
“Chengdu continues to emerge as a leading financial centre in western China and there are vast opportunities for global FinTech firms to scale in China. In the same way that DIFC is the gateway to the Middle East, African and South Asia, Chengdu can become the equivalent for accessing China and the broader Asia region. Sharing expertise and enabling our FinTech firms to work together presents opportunities and builds a collective force for accelerating the FinTech agenda in Dubai and China. DIFC is particularly looking forward to collaborating with Jiaozi Fintech Dreamworks on key sectors such as Blockchain, Artificial Intelligence, Big Data and Cloud Computing,” commented Commenting on the agreement, Arif Amiri, Chief Executive Officer of DIFC Authority.
“Dubai and DIFC in particular, continues to be the jurisdiction of choice for Chinese firms looking to access the potential of the fast-growing emerging markets in the MEASA region. With a robust Chinese ecosystem including the regional headquarters of China’s four largest banks, we are confident that our agreement will benefit the Jiaozi Fintech Dreamworks community by helping them tap into new opportunities. Our agreement will also enable talented individuals from both cities to participate in cross-border workshops and training programmes,” added Wang Juan, Chairperson of Jiaozi Fintech Dreamworks.
The DIFC continues to see growth occurring for a number of Chinese firms at its centre and is the region's home for four of China;s largest banks: ICBC, China Construction Bank, Bank of China, and Agricultural Bank of China. In addition DIFC is home to several large corporations and fintech firms that are looking to tap into the MEASA market, working with local institutions to drive the ‘Belt and Road’ initiative.