The biggest financial free zone in the Middle East launched here on Tuesday a fund worth 100 million U.S. dollars on financial technology (FinTech), said a statement by the free zone.
Addressing 350 delegates of the inaugural Global Financial Forum 2017, Essa Kazim, Governor of the Dubai International Financial Center (DIFC), stressed the fund is to help establish, grow and upscale startups and growth stage FinTech firms looking to access the markets of the Middle East, Africa and South Asia.
The fund will leverage the DIFC’s FinTech ecosystem FinTech Hive, of which the center was launched earlier in January this year, consisting of attractive experimental licenses, market leading pricing and collaborative spaces, said Kazim.
“We look to support the development of emerging markets … and encourage greater trade flows through the South-South corridor, which stretches from Latin America to Africa, India, Southeast Asia and China,” he added.
On Monday, the first 11 finalists of FinTech Hive were given the opportunity to promote their products and solutions around electronic payment systems, virtual banking realities, artificial intelligence and cyber security to a group of high-profile investors at the DIFC.
Currently, 1,750 active registered companies operate in the 2004-founded DIFC, with a combined workforce of 21,611 professionals. The center is home to two regulated capital markets, the Nasdaq Dubai and the Dubai Mercantile Exchange.