Dubai International Financial Centre chief sees 'immense opportunity' in financial technology sector
Dubai International Financial Centre (DIFC) on Tuesday announced the launch of a $100 million FinTech-focused fund to accelerate the development of financial technology.
The fund was announced during the inaugural Global Financial Forum, GFF, organised by DIFC, which was attended by over 350 influencers from the financial services industry.
Essa Kazim, Governor of DIFC, said: "The fund will leverage the DIFC’s FinTech ecosystem consisting of attractive experimental licenses, market leading pricing and collaborative spaces. There is immense opportunity in this market, and this will be one more step towards shaping the future of finance in the region.
"There is huge potential in the region we serve and through the DIFC, we look to support the development of emerging markets in MEASA and encourage greater trade flows through the South-South corridor, which stretches from Latin America, through to Africa, India, South East-Asia and China," he added.
The launch comes after Dubai was ranked 10th in The Banker magazine’s annual international financial centre (IFC) rankings, placing it alongside hubs such as London, New York, Hong Kong and Singapore.
In the first six months of 2017, DIFC grew by 6.2 percent to 1,750 incorporated companies. This followed 14 percent growth over the course of 2016.