MoU facilitates exchange of information on the latest trends in the finance industry, with a focus on fintech.
Dubai International Financial Centre (DIFC), has signed a Memorandum of Understanding (MoU) with Middle East Venture Partners (MEVP), a Middle East-focused venture capital firm that invests in the early and growth stages of innovative companies, to facilitate exchange of information on the latest trends in the finance industry, with a focus on the FinTech field.
The MoU enables both entities to work together towards launching initiatives and future regulations that ensure an attractive and competitive investment environment for the region’s technology focused entrepreneurial base.
The venture capital industry continues to grow in the region, especially with increased investments in small and medium sized businesses. The laws and regulations at DIFC along with the continued emphasis on FinTech incubators and accelerator programmes at ‘FinTech Hive at DIFC’ continue to support the industry’s growth.
Arif Amiri, Chief Executive Officer of DIFC Authority and Walid Hanna, Founder and Chief Executive Officer of MEVP, signed the MoU to enhance cooperation between DIFC and MEVP and to favourably encourage the development of the region’s venture capital technology ecosystem. The signing ceremony was in the presence of HE Essa Kazim, Governor of DIFC and Mohamed Alabbar, MEVP’s Chairman of the Board.
“We are particularly excited that our MoU will also provide a platform for MEVP to explore co-investment and co-management opportunities in relation to DIFC’s $100 million FinTech fund,” said Amiri.
The DIFC’s $100 million FinTech fund was announced during the inaugural Global Financial Forum (GFF), organised by DIFC in Q4 2017. The FinTech-focused fund is set to accelerate the development of financial technology by investing in start-ups from incubation through to growth stage and help FinTech firms looking to access the MEASA markets. The fund will leverage the DIFC’s FinTech ecosystem consisting of attractive experimental licences, market leading pricing and collaborative spaces.