Dubai-China signs an FinTech agreement

FinTech News

Dubai International Financial Centre (DIFC) has signed a MOU with Jiaozi Fintech Dreamworks, one of China’s first Fintech innovation and entrepreneurship platforms that will enable the DIFC to further support the UAE in facilitating the ‘Belt and Road’ economic initiative.

Jiaozi Fintech Dreamworks was launched in 2016 under the guidelines of the People’s Bank of China, the country’s central bank and the local finance bureau. Fintech Dreamworks is on track to become home to over 300 FinTech companies and 10,000 staff, occupying a space of more than 100,000 square metres.

The MOU signed by Arif Amiri, CEO of DIFC Authority, and Wang Juan, Chairperson of Jiaozi Fintech Dreamworks, will enable FinTech firms based in both jurisdictions to benefit from a wealth of mutually beneficial opportunities, as well as access to respective markets.

Amiri said “Chengdu continues to emerge as a leading financial centre in western China and there are vast opportunities for global FinTech firms to scale in China. In the same way that DIFC is the gateway to the Middle East, African and South Asia, Chengdu can become the equivalent for accessing China and broader Asia region. Sharing expertise and enabling our FinTech firms to work together presents opportunities and builds a collective force for accelerating the FinTech agenda in Dubai and China.

“DIFC is particularly looking forward to collaborating with Jiaozi Fintech Dreamworks on key sectors such as Blockchain, Artificial Intelligence, Big Data and Cloud Computing.”

Juan said “Dubai and DIFC in particular, continues to be the jurisdiction of choice for Chinese firms looking to access the potential of the fast-growing emerging markets in the MEASA region. With a robust Chinese ecosystem including the regional headquarters of China’s four largest banks, we are confident that our agreement will benefit the Jiaozi Fintech Dreamworks community by helping them tap into new opportunities. Our agreement will also enable talented individuals from both cities to participate in cross-border workshops and training programmes.”

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