Israel’s Bank Hapoalim signs agreement with DIFC, AGDM

Israel’s Bank Hapoalim has signed an agreement with Dubai International Financial Centre (DIFC) to cooperate across financial service activities.

As a global partner of the DIFC, Bank Hapoalim will become part of DIFC worldwide network of banks, financial centres, regulators and companies disrupting the financial and technology sectors.

The agreement enables Bank Hapoalim to access banking and innovation opportunities in the Middle East, Africa and South Asia through the DIFC platform.

DIFC and Bank Hapoalim will engage in collaborative efforts to host delegations and promote industry events.

Investment and fintech specialists from Bank Hapoalim will also be invited to participate in exclusive events such as the forthcoming DIFC FinTech Hive Investor Day.

DIFC, has entered into an agreement with leading Israeli bank – Hapoalim Bank. The partnership, announced today, aims to encourage cooperation across financial services activities and the future of finance agenda.

Learn more: (https://t.co/3N8OVJUjZj) pic.twitter.com/jgU8AKG0Nm

— DIFC (@DIFC) November 21, 2020

“Our partnership provides Bank Hapoalim with access to the most developed, broad and deep financial ecosystem in the region, allowing them to capitalise on the most lucrative banking, capital markets, asset management, innovation and fintech opportunities available,” said Arif Amiri, CEO of DIFC Authority.

Dov Kotler, CEO of Bank Hapoalim, added: “It will provide Israeli fintech entrepreneurs with a gateway to the dynamic and vibrant Dubai ecosystem, and help foster cross-border innovation. It is an honour to be the first Israeli bank to construct this important bridge for innovation,” said Arif Amiri, CEO of DIFC Authority.

Last month, Dubai-based lender Emirates NBD signed an MoU with Israel’s Bank Hapoalim which allowed Israeli clients to transact directly in the UAE.

Read: Dubai’s Emirates NBD enters into MoU with Israel’s Bank Hapoalim

ADGM to collaborate with Bank Hapoalim on fintech innovation

Abu Dhabi Global Market (ADGM) and Bank Hapoalim have also signed an MoU to jointly innovate on fintech services, ecosystems, and market opportunities, reported official news agency WAM on Saturday, November 21.

As part of the MoU, ADGM and Bank Hapoalim will collaborate on fintech projects in the fields of international trade, business and financial services activities between the UAE and Israel.

They will also support fintech companies and entrepreneurs seeking to scale their presence across the UAE and Israeli markets.

“ADGM is continuously working with strategic partners, locally and internationally, to further the Abu Dhabi and UAE’s economic plans and technology agenda, and we are excited to partner with Bank Hapoalim to advance the banking and financial services in both jurisdictions,” said Dhaher bin Dhaher Al AlMheiri, CEO of the ADGM Registration Authority.

Meanwhile, Dov Kotler, CEO of Bank Hapoalim, who will be a speaker at the upcoming FinTech Abu Dhabi Festival, said: “The agreement with Abu Dhabi Global Market is a breakthrough pact that we hope will serve to extend and strengthen the financial corporation between the UAE and Israel. It will enable fintech companies, customers of Bank Hapoalim, access to a new world of opportunities. It is a great honour to be the first bank to sign such an agreement that will contribute to the establishment of the relationship between our two countries and economies.”