Dubai: DIFC FinTech Hive, the largest financial technology hub in the Middle East, Africa and South Asia (MEASA) region has signed an agreement to collaborate with Israel’s FinTech-Aviv.
FinTech Aviv was established in 2014 and serves the needs of the Israeli FinTech ecosystem and counts more than 6,000 startups and 300 research and development centres as members. The agreement is the first of its kind for the UAE and Israel, and strengthens DIFC’s position as MEASA’s number one FinTech hub and one of the world’s top 10 FinTech hubs.
“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. DIFC is now home to more than 240 FinTech related firms and the opportunities for growth are endless,” said Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive
The agreement announced on Saturday will enable DIFC to further support the UAE in facilitating economic growth from the technology and innovation sectors.
Both parties agreed to work together on events, knowledge sharing, talent development and facilitating mutual introductions and referrals for firms keen to expand in each respective jurisdictions.
The agreement follows the signing of the Abraham Accords Peace Agreement: Treaty of Peace, Diplomatic Relations and Full Normalisation between the United Arab Emirates and the State of Israel on 15 September 2020.
“In this unprecedented time of reaching out to promote peace in the Middle East, we’re honored to initiate this unique collaboration in order to facilitate the export of Israeli technologies to new markets,” said Nir Netzer, the Chairman of FinTech-Aviv.
Since DIFC’s FinTech Hive launched in January 2017, the hub has grown to become a leading centre of innovation globally. More than 50 per cent of all FinTech businesses in the GCC now operate from DIFC. The first half of 2020 witnessed DIFC FinTech Hive triple in size with the opening of a larger space in Gate Avenue supporting start-ups, scale-ups and entrepreneurs.