DIFC's FinTech Hive signs deal with Israel's FinTech hub to boost co-operation

The financial free zone's pact with FinTech-Aviv will help its member companies expand in Israel

Dubai International Financial Centre signed a pact with FinTech-Aviv to facilitate co-operation. Courtesy DIFC

Dubai International Financial Centre’s FinTech Hive, one of the region’s leading financial technology accelerators, said on Saturday that it had signed a deal with Israel’s FinTech-Aviv to step up co-operation and help member companies expand their operations.

The two FinTech hubs will work together in areas such as talent development and events, in addition to also providing referrals to member companies keen to expand into the jurisdiction of each.

“Like Dubai, Israel is well regarded for its approach to innovation and embracing FinTech, so it is important to collaborate now to share knowledge and develop the sector further,” said Raja Al Mazrouei, executive vice president of DIFC FinTech Hive.

“DIFC is now home to more than 240 FinTech-related [companies] and the opportunities for growth are endless.”

The UAE, which normalised relations with Israel by signing the Abraham Accord in September this year, has signed a number of pacts with the country in sectors ranging from aviation to finance.

The Emirates is specifically looking to tap into Israel’s expertise in financial technology, with both countries aiming to establish a “FinTech corridor”, Minister of State and Abu Dhabi Global Market chairman Ahmed Al Sayegh said during FinTech Abu Dhabi.

Earlier this month, the DIFC and the ADGM signed separate agreements with Israel’s largest lender Bank Hapoalim to jointly develop local FinTech ecosystems and explore market opportunities between the two countries.

The ADGM and Bank Hapoalim will collaborate on initiatives to develop business, international trade and financial services between the UAE and Israel.

Meanwhile, the DIFC and the Israeli lender will share knowledge and collaborate on industry events to foster cross-border innovation.

The ADGM Financial Services Regulatory Authority also signed a deal with the Israel Securities Authority to increase co-operation and promote the FinTech industry.

The pact provides a framework for information sharing and will allow the movement of start-ups, knowledge and talent between the two jurisdictions, ADGM’s regulatory authority said last week.