Finance & Capital Market

DIFC partners with Singapore blockchain accelerator

Dubai International Financial Centre (DIFC) has signed an agreement with Tribe Accelerator, the first Singapore government supported Blockchain accelerator, to collaborate on knowledge sharing and to partner during joint events.

The memorandum of understanding (MOU) 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 and Trade 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,” he added. – TradeArabia News Service