Dubai International Financial Centre seeks to attract Indian wealth and fintechs with the latest signing of a memorandum of understanding in Maharashtra.
The strategic meeting highlighted DIFC as a top financial center and ideal be for Indian firms seeking to expand in the Middle East, Africa and South Asia region.
The discussion highlighted commitments to build a specialized business ecosystem and regulatory framework for family offices to operate effectively. The two will also seek mutual support for fintech startups in their respective markets through collaboration and resource sharing.
In addition, DIFC is also engaging industry leaders across infrastructure development, construction, logistics, automotive, manufacturing, technology, oil and gas, and hospitality to enhance the overall market environment.
India-Dubai Connection
Indian and Dubai relations continue to improve with the latter representing 12.2 million out of the 90 million visitors last year. The signing of the latest memorandum of understanding (MoU) furthers its already strong financial ties, with more than 100 Indian financial firms and consults already based in DIFC, including ICICI Bank, State Bank of India, HDFC Bank and more.
Fintech was a major topic of discussion and DIFC is positioned to capitalize on potential opportunities through its accelerator programs, DIFC FinTech Hive and Startupbootcamp alongside access to a $100 million fintech fund to support growth.
Business Relationship
«Our partnership with the Government of Maharashtra reinforces the robust and collaborative business relationship between Dubai and India, as well as DIFC’s strategic goal to drive the future of finance through an enabling business environment,» said Arif Amiri, Chief Executive Officer, DIFC Authority.
«Indian FinTechs are proving to be pioneers in the field, presenting an exciting prospect for the region to be a global leader in the space. We are dedicated to nurturing this growth through strategic international partnerships and knowledge-sharing with like-minded public organizations such as the Government of Maharashtra.»
