UAE free zones, Israel’s biggest bank team up for fintech opportunities
DUBAI — Israel’s largest lender Bank Hapoalim has signed an agreement with the Dubai International Financial Centre (DIFC) to have a presence in the region’s largest financial free zones, and also inked a deal with Abu Dhabi Global Market (ADGM) to promote and develop financial technology (fintech) innovation, ecosystems and market opportunities.
An alliance with the DIFC will enable Bank Hapoalim to access banking and innovation opportunities in the Middle East, Africa and South Asia through the DIFC platform. Both parties will work together by sharing knowledge, hosting delegations and promoting industry events. Investment and fintech specialists from Bank Hapoalim will be invited to participate in exclusive events such as the forthcoming DIFC FinTech Hive Investor Day.
“Our partnership provides Bank Hapoalim with access to the most developed, broad and deep financial ecosystem in the region, allowing them to capitalise on the most lucrative banking, capital markets, asset management, innovation and fintech opportunities available,” said Arif Amiri, chief executive officer of DIFC Authority.
Dov Kotler, CEO of Bank Hapoalim, said the agreement will provide Israeli fintech entrepreneurs with a gateway to Dubai’s vibrant ecosystem.
Meanwhile, ADGM and Bank Hapoalim will develop fintech solutions to facilitate international trade, business and financial services activities between the UAE and Israel. They will also support fintech companies and entrepreneurs seeking to scale their presence and deployment across the UAE and Israeli markets.
“ADGM is continuously working with strategic partners, locally and internationally, to further the Abu Dhabi and UAE’s economic plans and technology agenda, and we are excited to partner with Bank Hapoalim to advance the banking and financial services in both jurisdictions,” said Dhaher bin Dhaher Al AlMheiri, CEO of the ADGM Registration Authority.
Kotler said the agreement with ADGM is a breakthrough pact that will serve to extend and strengthen the financial corporation between the UAE and Israel. “It is a great honour to be the first bank to sign such an agreement that will contribute to the establishment of the relationship between our two countries and economies,” he added.
Kotler will also be speaking at the upcoming FinTech Abu Dhabi Festival.