DIFC FinTech Hive and Israel’s FinTech-Aviv sign cooperation agreement

The DIFC Fintech Hive, the largest fintech hub in the Middle East, Africa and South Asia, part of Dubai International Financial Centre (DIFC), has entered into a landmark agreement with Israel’s FinTech-Aviv on Saturday, November 28.

FinTech Aviv, established in 2014, caters to the needs of the Israeli FinTech ecosystem and whose members include over 6,000 startups and 300 research and development centres.

By way of the agreement, both the entities will collaboratively work on events, knowledge sharing, talent development and on facilitating mutual introductions and referrals for firms keen to expand in each other’s jurisdictions.

DIFC’s FinTech Hive launched in January 2017. Over 50 per cent of all fintech businesses in the GCC now operate from the DIFC, reported state news agency WAM.

DIFC FinTech Hive and FinTech-Aviv signed a partnership agreement focused on innovation and financial technology. The agreement will enable #DIFC to further support the UAE in facilitating economic growth from technology and innovation sectors.(https://t.co/P5H5HyWLJz) pic.twitter.com/tN918ehfBb

— DIFC (@DIFC) November 28, 2020

During the first half of 2020, DIFC FinTech Hive tripled in size with the opening of a larger space in Gate Avenue.

“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,” said Raja Al Mazrouei, executive vice president of DIFC FinTech Hive.

Nir Netzer, the chairman of FinTech-Aviv added: “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.”

Earlier this month, The Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA) has signed a fintech cooperation agreement with the Israel Securities Authority (ISA).

Read: Abu Dhabi Global Market signs fintech agreement with Israel Securities Authority

As part of another agreement signed between Israel’s Bank Hapoalim DIFC to cooperate across financial service activities, investment and fintech specialists from Bank Hapoalim will be invited to participate in exclusive events including the DIFC FinTech Hive Investor Day which is scheduled for Monday, November 30.

Read: Israel’s Bank Hapoalim signs agreement with DIFC, AGDM