The Dubai International Financial Centre and one of China’s first FinTech innovation platforms signed an agreement to allow FinTech companies in both jurisdictions to benefit from new opportunities and access to respective markets.
Under the pact, the DIFC and Jiaozi Fintech Dreamworks, which is in Chengdu, plan to collaborate in sectors such as blockchain, artificial intelligence, big data and cloud computing, Arif Amiri, chief executive of the DIFC Authority, said on Saturday.
The two entities will work together on joint events, knowledge sharing and training programmes.
“In the same way that [the] DIFC is the gateway to the Middle East, Africa and South Asia, Chengdu can become the equivalent for [gaining] access [to] China and [the] broader Asia region,” he said.
“Sharing expertise and enabling our FinTech [companies] to work together presents opportunities and builds a collective force for accelerating the FinTech agenda in Dubai and China.”
The addition of 87 new companies in the first half resulted in the number of licensed FinTech companies in the DIFC growing by 74 per cent during the period.
The onshore financial centre is home to some of the world’s biggest financial institutions, banks, investment companies, wealth managers and insurers.
The financial free zone is the regional base for China’s four largest banks: ICBC, China Construction Bank, Bank of China and the Agricultural Bank of China.
It is also home to several large Chinese corporations and FinTech companies that are tapping into regional markets and working with local institutions on Beijing's Belt and Road initiative.
“We are confident that our agreement will benefit the Jiaozi Fintech Dreamworks community by helping them tap into new opportunities,” Wang Juan, chairperson of the FinTech platform, said.
“[It] will also enable talented individuals from both cities to participate in cross-border workshops and training programmes.”
The number of companies that operate within the DIFC grew by 25 per cent in the first half and the free zone intends to triple its size by 2024. The DIFC attracted 310 new companies during the period, bringing the number of companies to 2,584, it said on July 18.
The%20specs
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KILLING OF QASSEM SULEIMANI
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The specs: Hyundai Ionic Hybrid
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Vardy 58'
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Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
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Name: Dr Hassan Mohsen Elhais
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