Dubai and Israel have signed an agreement to strength cooperation in financial technology (FinTech).
DIFC FinTech Hive, the largest financial technology hub in the Middle East, Africa and South Asia (MEASA) region and part of Dubai International Financial Centre (DIFC), has signed the deal with Israel’s FinTech-Aviv.
FinTech Aviv was established in 2014 and serves the needs of the Israeli FinTech ecosystem and counts more than 6,000 start-ups and 300 research and development centres as members.
The agreement is the first of its kind for the UAE and Israel and aims to strengthen DIFC’s position as one of the world’s top 10 FinTech hubs, a statement said.
It added that both parties will work together on events, knowledge sharing, talent development and facilitating mutual introductions and referrals for firms keen to expand in each respective jurisdictions.
The agreement follows the signing of the Abraham Accords Peace Agreement between the UAE and Israel in September.
DIFC’s FinTech Hive was launched in January 2017 and today more than 50 percent of all FinTech businesses in the GCC now operate from DIFC.
The first half of 2020 witnessed DIFC FinTech Hive triple in size with the opening of a larger space in Gate Avenue supporting start-ups, scale-ups and entrepreneurs.
Raja Al Mazrouei, executive vice president of DIFC FinTech Hive said: “Like Dubai, Israel is well regarded for its approach to innovation and embracing FinTech so it is important to collaborate now to share knowledge and develop the sector further. We are pleased to have partnered with FinTech-Aviv as we can achieve great things together. DIFC is now home to more than 240 FinTech related firms and the opportunities for growth are endless.”
Nir Netzer, chairman of FinTech-Aviv added: “In this unprecedented time of reaching out to promote peace in the Middle East, we’re honoured to initiate this unique collaboration in order to facilitate the export of Israeli technologies to new markets.
“The FinTech-Aviv community and its 30,000+ Israeli and worldwide members, proudly hold the torch of this exciting initiative and are humbled to be leading Israeli FinTech companies towards the exploration of new horizons with our new business partners.”
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