Dubai
Dubai International Financial Centre’s FinTech Hive, one of the region’s leading financial technology accelerators, said on Saturday it signed a deal with Israel’s FinTech-Aviv in an effort to step up cooperation and help member firms expand their operations.
The two FinTech hubs will work together on areas such as talent development, events and will also provide referrals to member firms keen to expand into each other’s jurisdictions.
“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,” Raja Al Mazrouei, executive vice president of DIFC FinTech Hive, said.
“DIFC is now home to more than 240 FinTech related firms and the opportunities for growth are endless.”
The UAE, which normalised relations with Israel by signing the Abraham Accords in September this year, has signed a number of pacts with the country in sectors ranging from aviation to finance.
The Emirates is specifically looking to tap into Israel’s expertise in financial technology, with both countries aiming to establish a “FinTech corridor”, minister of state and ADGM chairman Ahmed Al Sayegh said during FinTech Abu Dhabi.
Earlier this month, the DIFC and ADGM both signed separate agreements with Israel’s largest lender Bank Hapoalim to jointly develop local FinTech ecosystems and explore market opportunities between the two countries.
Abu Dhabi Global Market and the Israeli lender will collaborate on a range of initiatives, including ways of developing business, international trade and financial services between the UAE and Israel.—TLTP
