The Dubai Worldwide Monetary Centre (DIFC) and considered one of China’s first monetary expertise innovation platforms signed an settlement that can enable FinTech companies in each jurisdictions to profit from new alternatives and entry to respective markets.
Beneath the pact, the DIFC and Chengdu-based Jiaozi Fintech Dreamworks plan to collaborate on key sectors equivalent to blockchain, synthetic intelligence, large information and cloud computing, Arif Amiri, chief govt of the DIFC Authority, mentioned in a press release on Saturday. The 2 entities will work collectively on joint occasions, data sharing and coaching programmes.
“In the identical means that DIFC is the gateway to the Center East, Africa and South Asia, Chengdu can develop into the equal for accessing China and broader Asia area,” he mentioned. “Sharing experience and enabling our FinTech companies to work collectively presents alternatives and builds a collective pressure for accelerating the FinTech agenda in Dubai and China.”
The variety of licensed FinTech companies within the DIFC grew 74 per cent within the first half of 2020, with the addition of 87 new firms throughout the interval.
The onshore monetary centre is house to a number of the world’s largest monetary establishments, banks, funding companies, wealth managers and insurers.
The monetary freezone is the regional base of China’s 4 largest banks: ICBC, China Building Bank, Bank of China, and Agricultural Bank of China. It’s also house to a number of massive Chinese language firms and FinTech companies which can be tapping into regional markets and dealing with native establishments on the Belt and Highway initiative.
“We’re assured that our settlement will profit the Jiaozi Fintech Dreamworks neighborhood by serving to them faucet into new alternatives,” Wang Juan, chairperson of Jiaozi Fintech Dreamworks, mentioned. ” [It] may also allow gifted people from each cities to take part in cross-border workshops and coaching programmes.”
The overall variety of companies working out of DIFC rose 25 per cent within the first half of 2020 because the monetary free zone goals to triple its measurement by 2024.
DIFC attracted 310 new firms within the first half of 2020, bringing the whole variety of firms based mostly within the free zone to 2,584, it mentioned on July 18.
Up to date: July 25, 2020 04:26 PM