The Dubai International Financial Center (DIFC) that prides itself as a strong financial hub across the Middle East, Africa, and South Asia (MEASA) has announced a string of new developments.
Among the key takeaways from this announcement are:
- Five more FinTech startups will come onboard with DIFC. These include the first InsurTech and RegTech firms in the region.
- The academy is launching a series of new courses aimed at educating entrepreneurs and professionals on innovations in the financial technology sector.
- A new interactive and collaborative workspace will come live at the DIFC FinTech WorkHub.
- Steps are being taken to offer commercial licensing for RegTech, InsurTech, and FinTech firms.
“Driving the future of finance and promoting financial inclusion in the region are at the top of Dubai’s agenda and our agenda at DIFC. Delivering on this commitment, we are proud of the integrated and dynamic ecosystem we have built, and the various forward-looking initiatives we launched to support it,” said Arif Amiri, Chief Executive Officer of DIFC Authority.
“Looking ahead, we have even bigger ambitions for the future of financial services in the region and are keen to further enhance our infrastructure to encourage the development of more innovative, disruptive businesses from the Centre,” added Amiri.
In a related development, DIFC inked a Memorandum of Understanding (MoU) with the Middle East Venture Partners (MEVP) earlier in March 2018. Under this MoU, both entities will explore co-management and co-investment opportunities to bank on the $100 million the government had announced in November 2017 to boost the FinTech startup ecosystem.