Tuesday 11 August 2020

DIFC inks major FinTech agreement with Chinese group

DUBAI, 16 days ago

Dubai International Financial Centre (DIFC) said it has signed a MoU with Jiaozi Fintech Dreamworks, one of China’s first Fintech innovation and entrepreneurship platforms.
A leading international financial hub in the Middle East, Africa and South Asia (MEASA) region DIFC is home to the largest, most developed FinTech ecosystem in the region.
The agreement will enable the DIFC to further support the UAE in facilitating the ‘Belt and Road’ economic initiative and it forms a central part of the Centre’s 2024 strategy to strengthen relationships with the international financial community and increase access to the South-South corridor.
Based in Chengdu, capital of Sichuan Province, Jiaozi Fintech Dreamworks now shares a vision with DIFC to drive the future of finance by developing the next generation of tools for use in the industry. 
Jiaozi was launched in 2016 under the guidelines of the People's Bank of China, the country's central bank and the local finance bureau. 
Fintech Dreamworks is on track to become home to over 300 FinTech companies and 10,000 staff, occupying a space of more than 100,000 square metres. 
With Dubai recognised as one of the world’s top ten FinTech hubs and home to the region’s first and most comprehensive FinTech ecosystem, DIFC is well placed to make substantial progress on its objective to shape the future of finance. 
In recent years this has manifested in the Centre attracting more than 200 FinTech related companies.
The MoU will enable FinTech firms based in both jurisdictions to benefit from a wealth of mutually beneficial opportunities, as well as access to respective markets stated DIFC Authority CEO Arif Amiri, after signing the deal with Wang Juan, the Chairperson of Jiaozi Fintech Dreamworks.
"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 broader Asia region," he noted. 
"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," stated Amiri. 
“DIFC is particularly looking forward to collaborating with Jiaozi Fintech Dreamworks on key sectors such as Blockchain, Artificial Intelligence, Big Data and Cloud Computing,” he added.
Wang Juan, Chairperson of Jiaozi Fintech Dreamworks, said: "Dubai and DIFC in particular, continue 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 be benefit the Jiaozi Fintech Dreamworks community by helping them tap into new opportunities," remarked Juan.
"DIFC continues to see growth in the number of Chinese firms operating from the Centre.  As well as being the regional home to China’s four largest banks; ICBC, China Construction Bank, Bank of China, and Agricultural Bank of China, it is also home to several large Chinese corporations and FinTech firms that are tapping into MEASA markets and working with local institutions on the Belt and Road initiative," he added.-TradeArabia News Service


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