DIFC Fintech Hive inks deal with Israel’s fintech hub to boost the industry

By Rahul Vaimal, Associate Editor
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Fintech Hive, one of the region’s leading accelerators of financial technology, of Dubai International Financial Centre (DIFC) has signed an agreement with FinTech-Aviv of Israel in a bid to step up collaboration and help member firms expand their operations.

Together the two FinTech hubs will partner on areas such as talent development, events and will also provide referrals to member companies willing to expand into the jurisdictions of each other.

“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,” Raja Al Mazrouei, executive vice president of DIFC FinTech Hive, said.

The UAE, which normalized 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 particularly looking to tap into Israel’s financial technology expertise, with both countries seeking to create a “FinTech corridor” said State Minister and ADGM Chairman Ahmed Al Sayegh during the FinTech Abu Dhabi event.

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. The Abu Dhabi Global Market will partner with the Israeli lender on a range of initiatives, including business development, international trade and financial services between the UAE and Israel.

Meanwhile to promote cross-border innovation, DIFC and Bank Hapoalim will exchange expertise and collaborate on various industry events.

In an attempt to improve collaboration between the two entities and promote the FinTech industry, the ADGM Financial Services Regulatory Authority (FSRA) also signed an agreement with the Israel Securities Authority (ISA). The pact offers a framework for exchanging information and will promote the movement of startups, knowledge and talent between the two jurisdictions, ADGM’s regulatory authority said last week.