Dubai-China FinTech agreement brings new opportunities for Dubai International Financial Centre

  • The pioneering digital signing will establish a Dubai-Chengdu bridge which will benefit FinTech firms in both jurisdictions and enable DIFC to further support the UAE’s role in facilitating the ‘Belt and Road’ initiative
  • Dubai International Financial Centre and Jiaozi Fintech Dreamworks will collaborate on joint events, knowledge sharing and training programmes
  • Agreement further cements DIFC’s reputation as the region’s leading financial centre for global FinTech firms

Dubai, UAE: 25 July 2020 – Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region and home to the largest, most developed FinTech ecosystem in the region, has signed a Memorandum of Understanding (MOU) with Jiaozi Fintech Dreamworks, one of China’s first Fintech innovation and entrepreneurship platforms.

The MOU will enable the DIFC to further support the UAE in facilitating the ‘Belt and Road’ economic initiative and forms a central part of the Centre’s 2024 strategy to strengthen relationships with the international financial community and increase access to the South-South corridor.

Based in Chengdu, capital of Sichuan Province and one of China’s emerging international financial centres. Chengdu has an important reputation in the world of finance having reportedly been the first place in the world to introduce paper bank notes. They now share a vision with DIFC to drive the future of finance by developing the next generation of tools for use in the industry.

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. Well known enterprises have settled in Jiaozi Fintech Dreamworks. These include Huize R&D Center, which was listed on Nasdaq in February 2020, BBD – a star enterprise in big data industry and Mr. Ray, a renowned blockchain enterprise in China.

With Dubai recognised as one of the world’s top ten FinTech hubs and home to the region’s first and most comprehensive FinTech ecosystem, DIFC is well placed to make substantial progress on its objective to shape the future of finance. In recent years this has manifested in the Centre attracting more than 200 FinTech related companies.

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.

Commenting on the agreement, Arif Amiri, Chief Executive Officer of DIFC Authority 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.”

Wang Juan, Chairperson of Jiaozi Fintech Dreamworks commented: “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 be 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.”

DIFC continues to see growth in the number of Chinese firms operating from the Centre.  As well as being the regional home to China’s four largest banks; ICBC, China Construction Bank, Bank of China, and Agricultural Bank of China, DIFC is also home to several large Chinese corporations and FinTech firms that are tapping into MEASA markets and working with local institutions on the Belt and Road initiative.

Jiaozi Fintech DreamWorks vigorously promotes blockchain industry cluster development. To support this, the Jiaozi Financial Technology Center has been built, along with the Jiaozi Blockchain Research Institute with the University of Electronic Science and Technology. Together, they are researching blockchain theory to accelerate its application in the industry.

About Dubai International Financial Centre

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of USD 7.7 trillion.

With a 16-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of more than 25,000 professionals working across over 2,500 active registered companies – making up the largest and most diverse pool of industry talent in the region.

The Centre’s vision is to drive the future of finance. Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.

Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.

For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC.

About Jiaozi Fintech Dreamworks

Jiaozi Fintech Dreamworks joins hands with regulatory agencies, industry-university-research institutions and supporting service agencies to create an ecological service system for the FinTech industry. At present, it has carried out industry-university-research cooperation with top universities at home and abroad including Tsinghua University, Fudan University, Zhejiang University, University of Electronic Science and Technology, Southwestern University of Finance and Economics, Cass Business School to provide a platform and financial support for the transformation of scientific and technological achievements. To grasp the development opportunities of the blockchain industry, Jiaozi Fintech DreamWorks vigorously promotes blockchain industry cluster development, builds the blockchain building of Jiaozi Financial Technology Center, and built the Jiaozi Blockchain Research Institute with the University of Electronic Science and Technology to further develop expertise in the area. Research on blockchain theory and standards to achieve breakthroughs in the core technology of blockchain are also being done to accelerate the application of blockchain innovation and create a high ground for innovation in the blockchain industry.

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