Denis Opudo
The leading International hub, Dubai International Financial Centre (DIFC) has currently signed a Memorandum of Understanding. The MoU sealed a partnership with Middle East Venture Partners (MEVP) with the aim of supporting FinTech startups.
According to the Chief Executive Officer of DIFC Authority, Arif Amiri, the collaboration will aid in the economic development of the capital technology ecosystem. Additionally, the MoU will ensure the establishment of competitive investment environment alongside joint operation. The partnership will also foster the development of initiatives through suitable future policies. The MoU was enacted in presence of Chief Executive Officer and founder of MEVP, Walid Hanna. Other participants during the inaugural included MEVP’s Chairman of the Board Mohamed Alabbar and Essa Kazim (Governor of DIFC)
Increased investment in small and middle-level business has promoted the growth of capital industry in the region. Further growth of Fin Tech industry is evidenced by the establishment of accelerators and Fin Tech incubators programs. The laws and regulation set by DIFC also play a key role in the financial technology development.
Mr. Arif pointed out that future collaboration between the two institutions will bring on board Venture Capital Asset Managers (CAM). The Dubai Financial Services Authority (DFSA) credited the (VCM) which injects MEVP capital. The Dubai Venture Capital sector benefits from cooperation via simulated growth investment. He emphasized that MoU will provide a co-investment platform management tactics which are in line with DIFC’s USD 100 million FinTech fund.
Walid Hanna other side noted that the partnership strengthens the entrepreneurial ecosystem through inward investment programs. The recent start-ups capital funding by UAE has promoted the young innovation. It helps the emerging entrepreneurs to convert their ideas into real business enterprises. The DIFC and MoU also improve the ‘fast-growing fin-tech sector’ in the region via strong track-record.
The DIFC organized the inaugural Global Financial Forum (GFF) on Q4 2017. During the event, USD 100 million DIFC FinTech fund was launched. The fund initiative focused on accelerating the development of Fin-Tech by facilitating MEASA markets. In addition, the fund will power the DIFC’s FinTech ecosystem through market-leading pricing, collaborative spaces, and attractive experimental licenses.
