Dubai still the jurisdiction of choice for companies looking to access potential of fast-growing emerging markets
The Dubai International Financial Centre (DIFC) has signed a deal with Chinese fintech and entrepreneurship platform Jiaozi Fintech Dreamworks to strengthen the emirate's role in the Belt and Road initiative, as well as attract more financial technology firms from China.
"The DIFC is particularly looking forward to collaborating with Jiaozi Fintech Dreamworks on key sectors such as blockchain, artificial intelligence, big data and cloud computing," said Arif Amiri, chief executive officer of the DIFC Authority.
The Middle East's largest financial centre, the DIFC has added a number of notable new fintech firms in the first-half of 2020 including Tata Asset Management, Samba Financial Group, Gazprombank, Funding Souq, Brookfield Private Capital (upgrade) and Decimal Factor Middle East, whilst new fintechs include Ripple and KoFax Me.
The free zone added 87 fintech firms, boosting the number of licensed fintech firms by 74 per cent from the first half of 2019. In recent years, the centre attracted more than 200 fintech-related companies.
Based in Chengdu, Fintech Dreamworks is on track to become home to over 300 fintech companies and 10,000 staff, occupying a space of more than 100,000 sqm.
"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 the 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," added Amiri.
"Dubai, the 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... our agreement will also enable talented individuals from both cities to participate in cross-border workshops and training programmes," said Wang Juan, chairperson of Jiaozi Fintech Dreamworks.
The DIFC is also home to several large Chinese corporations and fintech firms that are tapping into the Middle East, Africa and South Asia (Measa) markets and working with local institutions on the Belt and Road initiative.
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