DIFC launches $100m Fin­tech fund

The Gulf Today - Business - - FRONTPAGE -

DUBAI: Dubai In­ter­na­tional Fi­nan­cial Cen­tre (DIFC), an­nounced the launch of a $100 mil­lion Fin­tech-fo­cused fund to ac­cel­er­ate the de­vel­op­ment of fi­nan­cial tech­nol­ogy by in­vest­ing in start-ups from in­cu­ba­tion through to growth stage, in the presence of His High­ness Sheikh Mak­toum Bin Mo­hammed Bin Rashid Al Mak­toum, Deputy Ruler of Dubai and Pres­i­dent of DIFC.

The fund was an­nounced dur­ing the in­au­gu­ral Global Fi­nan­cial Fo­rum, GFF, or­gan­ised by DIFC. The GFF, which took place on Tues­day un­der the theme, “Nav­i­gat­ing the New Or­der”, was at­tended by over 350 in­flu­encers from the fi­nan­cial ser­vices in­dus­try, who were se­lected out of hun­dreds that had ap­plied to at­tend.

In his wel­com­ing ad­dress, Essa Kazim, Gov­er­nor of DIFC, said, “It gives me great plea­sure to an­nounce that to­day, we are launch­ing a new $100 mil­lion fund to help es­tab­lish, grow and up­scale start-up and growth stage Fin­tech firms look­ing to ac­cess the MEASA mar­kets.”

“The fund will lever­age the DIFC’S Fin­tech ecosys­tem con­sist­ing of at­trac­tive ex­per­i­men­tal li­censes, mar­ket lead­ing pric­ing and col­lab­o­ra­tive spaces. There is im­mense op­por­tu­nity in this mar­ket, and this will be one more step to­wards shap­ing the fu­ture of fi­nance in the re­gion.

“There is huge po­ten­tial in the re­gion we serve and through the DIFC, we look to sup­port the de­vel­op­ment of emerg­ing mar­kets in MEASA and en­cour­age greater trade flows through the South­south cor­ri­dor, which stretches from Latin Amer­ica, through to Africa, In­dia, South East-asia and China,” he added.

The Fo­rum fea­tured a line-up of high-pro­file speak­ers who par­tic­i­pated in a wide range of ‘deep­dive’ ses­sions, panel dis­cus­sions and ‘fire­side chats’, cov­er­ing the three main themes of Glob­al­is­ing Gulf Fi­nance, Emerg­ing Mar­kets, and The Fu­ture of Fi­nance. The first two ses­sions of the day, which fea­tured prom­i­nent econ­o­mists such as Hafez Ghanem, the Vice Pres­i­dent of the World Bank Mid­dle East and North Africa, dis­cussed the in­creas­ing at­trac­tive­ness of Gulf mar­kets amongst in­ter­na­tional in­vestors as well as the rise of the global Is­lamic econ­omy and Sharia-based fi­nan­cial tech­nol­ogy.

Bill Win­ters, Group Chief Ex­ec­u­tive Of­fi­cer of Stan­dard Char­tered, dis­cussed global emerg­ing mar­kets and shared his view on where Stan­dard Char­tered is see­ing the great­est po­ten­tial for growth.

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