Dubai, the biggest metropolis within the United Arab Emirates (UAE), is house to the main worldwide monetary hub within the Center East, Africa and South Asia (MEASA) area referred to as Dubai Worldwide Monetary Centre (DIFC). DIFC just lately signed a Memorandum of Understanding (MOU) with one among China’s first Fintech innovation and entrepreneurship platforms, Jiaozi Fintech Dreamworks.
The MOU will allow the DIFC to additional help the UAE in facilitating the ‘Belt and Road’ financial initiative and types a central a part of the Centre’s 2024 technique to strengthen relationships with the worldwide monetary neighborhood and enhance entry to the South-South hall. Primarily based in Chengdu, capital of Sichuan Province and one among China’s rising worldwide monetary centres. Chengdu has an vital repute on the planet of finance having reportedly been the primary place on the planet to introduce paper bank notes. They now share a imaginative and prescient with DIFC to drive the way forward for finance by growing the subsequent era of instruments to be used within the trade.
Jiaozi Fintech Dreamworks was launched in 2016 beneath the rules of the Individuals’s Bank of China, the nation’s central bank and the native finance bureau. Fintech Dreamworks is on monitor to grow to be
house to over 300 FinTech corporations and 10,000 employees, occupying an area of greater than 100,000 sq. metres. Well-known enterprises have settled in Jiaozi Fintech Dreamworks. These embody Huize R&D Heart, which was listed on Nasdaq in February 2020, BBD – a star enterprise in massive information trade and Mr. Ray, a famend blockchain enterprise in China.
With Dubai recognised as one of many world’s prime ten FinTech hubs and residential to the area’s first and most complete FinTech ecosystem, DIFC is effectively positioned to make substantial progress on its goal to form the way forward for finance. Lately this has manifested within the Centre attracting greater than 200 FinTech associated corporations.
The MOU signed by Arif Amiri, CEO of DIFC Authority, and Wang Juan, Chairperson of Jiaozi Fintech Dreamworks, will allow FinTech companies based mostly in each jurisdictions to learn from a wealth of mutually helpful alternatives, in addition to entry to respective markets.
Commenting on the settlement, Arif Amiri, Chief Govt Officer of DIFC Authority stated: “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. 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. “DIFC is particularly looking forward to collaborating with Jiaozi Fintech Dreamworks on key sectors such as Blockchain, Artificial Intelligence, Big Data and Cloud Computing.”
Wang Juan, Chairperson of Jiaozi Fintech Dreamworks commented: “Dubai and DIFC in particular, continues 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. Our agreement will also enable talented individuals from both cities to participate in cross-border workshops and training programmes.”
DIFC continues to see progress within the variety of Chinese language companies working from the Centre. In addition to being the regional house to China’s 4 largest banks; ICBC, China Building Bank, Bank of China, and Agricultural Bank of China, DIFC can also be house to a number of giant Chinese language companies and FinTech companies which can be tapping into MEASA markets and dealing with native establishments on the Belt and Highway initiative.
Jiaozi Fintech DreamWorks vigorously promotes blockchain trade cluster growth. To help
this, the Jiaozi Monetary Expertise Heart has been constructed, together with the Jiaozi Blockchain Analysis
Institute with the College of Digital Science and Expertise. Collectively, they’re researching
blockchain principle to speed up its software within the trade.
DIFC is without doubt one of the world’s most superior monetary centres, and the main monetary hub for MEASA, which includes 72 nations with an approximate inhabitants of three billion and a nominal GDP of USD 7.7 trillion. With a 16-year monitor report of facilitating commerce and funding flows throughout the MEASA area, the Centre
connects these fast-growing markets with the economies of Asia, Europe and the Americas by way of Dubai. It’s house to an internationally recognised, impartial regulator and a confirmed judicial system with an
English widespread regulation framework, in addition to housing over 25,000 professionals working throughout over 2,500 lively registered corporations.