Dubai: The Dubai International Financial Centre (DIFC) said on Sunday it has signed a Memorandum of Understanding (MoU), with the regional government in India’s western state of Maharashtra, which offers a platform for Indian firms operating in the Middle East, Africa and South Asia (Measa) region to make Dubai their base.
The agreement entails plans for both entities to mutually support FinTech start-ups based in their respective markets, whilst facilitating the development of their business ecosystems through collaboration and the sharing of resources, DIFC said in a statement.
“Our partnership with the Government of Maharashtra reinforces the robust and collaborative business relationship between Dubai and India, as well as DIFC’s strategic goal to drive the future of finance through an enabling business environment. Indian FinTechs are proving to be pioneers in the field, presenting an exciting prospect for the region to be a global leader in the space,” Arif Amiri, chief executive officer of DIFC Authority, said in a statement.
The comprehensive DIFC FinTech ecosystem includes two highly successful accelerator programmes offered by DIFC FinTech Hive and Startupbootcamp, which respectively support early-stage startups and their growth.
In addition, startups based in the Centre gain access to a $100 million (Dh367 million) FinTech fund, subsidised licensing options, forward-thinking regulation and a financial community of over 2,100 regional and global institutions, of which more than 80 are FinTech-related companies, enabling DIFC to act as a springboard for growth.