DIFC launches $100M fund to boost fintech

HE Essa Kazim, governor of The Dubai International Financial Centre (Image via Twitter)

HE Essa Kazim, governor of The Dubai International Financial Centre (DIFC) announced today during the inaugural of the Global Financial Forum a $100 million fund to facilitate new developments in the fintech ecosystem.

Kazim said: “Despite being just 13 years old, DIFC has become one of the top 10 financial centers globally and the leading one in the MEASA region." He continued: “The financial status quo is being disrupted on multiple fronts with new and innovative technologies.”

The DIFC continues to develop its services and capabilities since its inception in 2004. The Centre, similar in stature to London’s Canary Warf or Singapore’s Marina Bay, has become the gateway to Middle East, Africa and South Asia (MEASA). It offers a robust regulatory platform, UK Common Law framework, tax-friendly regime, and a community of almost 22,000 professionals working across more than 1,700 companies.

This year, the Centre has been inviting game-changing financial technology companies to explore opportunities in the MEASA region, with the launch of FinTech Hive at DIFC.

This 12-week accelerator program developed in partnership with Accenture, and launched in January 2017. The program concluded its inaugural cycle on November 12 with the Investor Day that saw the 11 program startups present their products to a host of investors and industry experts. “We are delighted to announce that we are tripling our commitment to FinTech in 2018,” said Arif Amiri, chief executive officer of DIFC Authority. He continued: |”In addition to Fintech Hive at DIFC, we will be running two new programs, with a focus on RegTech and InsurTech, reinforcing our role in shaping the future of financial services for the MEASA region.”

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