Dubai and China sign pact to promote FinTech opportunities in DIFC

The DIFC and Chengdu-based Jiaozi Fintech Dreamworks will collaborate to increase bilateral market access

The Dubai International Financial Centre. Earlier this week, the DIFC Courts signed an agreement with Dubai FDI to collaborate on exchanging information and research, as well as hosting joint conferences and exhibitions. Image courtesy of DIFCShow less

The Dubai International Financial Centre and one of China’s first FinTech innovation platforms signed an agreement to allow FinTech companies in both jurisdictions to benefit from new opportunities and access to respective markets.

Under the pact, the DIFC and Jiaozi Fintech Dreamworks, which is in Chengdu, plan to collaborate in sectors such as blockchain, artificial intelligence, big data and cloud computing, Arif Amiri, chief executive of the DIFC Authority, said on Saturday.

The two entities will work together on joint events, knowledge sharing and training programmes.

“In the same way that [the] DIFC is the gateway to the Middle East, Africa and South Asia, Chengdu can become the equivalent for [gaining] access [to] China and [the] broader Asia region,” he said.

“Sharing expertise and enabling our FinTech [companies] to work together presents opportunities and builds a collective force for accelerating the FinTech agenda in Dubai and China.”

The addition of 87 new companies in the first half resulted in the number of licensed FinTech companies in the DIFC growing by 74 per cent during the period.

The onshore financial centre is home to some of the world’s biggest financial institutions, banks, investment companies, wealth managers and insurers.

The financial free zone is the regional base for China’s four largest banks: ICBC, China Construction Bank, Bank of China and the Agricultural Bank of China.

It is also home to several large Chinese corporations and FinTech companies that are tapping into regional markets and working with local institutions on Beijing's Belt and Road initiative.

“We are confident that our agreement will benefit the Jiaozi Fintech Dreamworks community by helping them tap into new opportunities,” Wang Juan, chairperson of the FinTech platform, said.

“[It] will also enable talented individuals from both cities to participate in cross-border workshops and training programmes.”

The number of companies that operate within the DIFC grew by 25 per cent in the first half and the free zone intends to triple its size by 2024. The DIFC attracted 310 new companies during the period, bringing the number of companies to 2,584, it said on July 18.