Dubai International Financial Centre has (DIFC) launched a $100m fund to invest in financial technology start-ups.
The fund will focus on companies in the incubation and growth stages looking to access markets in the Middle East, Africa and South Asia.
It will also link to the zone’s experimental licences for fintech companies, shared spaces and other concepts including an accelerator programme.
“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,” said DIFC governor Essa Kazim.
Dubai is among the regional cities looking to become the Middle East’s fintech hub, with Manama and Abu Dhabi also in contention.
All three cities have launched experimental licences and other incentives designed to encourage the fintech ecosystem.