China strengthens fintech cooperation with Dubai through new agreement with DIFC

Dubai International Financial Centre (DIFC) has signed an MoU with Chengdu-based Jiaozi Fintech Dreamworks, one of China’s first fintech innovation and entrepreneurship platforms.

The agreement will enable fintech companies based in Dubai as well as Chengdu to benefit from opportunities and secure access to each other’s markets.

DIFC said in a statement that the latest MoU supports the UAE in facilitating the ‘Belt and Road’ economic initiative and forms a central part of the DIFC’s 2024 strategy to strengthen relationships with the international financial community and increase access to the South-South corridor.

Read: Why the regional fintech ecosystem is booming

“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, CEO of DIFC Authority.

“In the same way that DIFC is the gateway to the Middle East, African and South Asia, Chengdu can become the equivalent for accessing China and broader Asia region,” added Amiri.

#Dubai International Financial Centre, @DIFC, has signed a Memorandum of Understanding, MoU, with Jiaozi Fintech Dreamworks, one of China’s first Fintech innovation and entrepreneurship platforms.https://t.co/KvvgxWZLN2 pic.twitter.com/L9666veum0

— Dubai Media Office (@DXBMediaOffice) July 25, 2020

Meanwhile, Wang Juan, chairperson of Jiaozi Fintech Dreamworks, said, “Dubai and 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. With a robust Chinese ecosystem including the regional headquarters of China’s four largest banks, we are confident that our agreement will benefit the Jiaozi Fintech Dreamworks community by helping them tap into new opportunities. Our agreement will also enable talented individuals from both cities to participate in cross-border workshops and training programmes.”

Over the last few years, DIFC has attracted over 200 fintech-associated companies.

In June, DIFC invested in four fintech startups via its accelerator programme as part of its $100m FinTech Fund to help establish and upscale fintech companies.

Read: Dubai’s DIFC invests in four fintech startups via its $100m fund

Regionally, the MENA fintech market will reach a value of $2.5bn by 2022, according to research company MENA Research Partners.