FinTech Aviv, a leading Israeli fintech hub, has signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFC) to build stronger ties between the two countries financial technology sectors.
The agreement between FinTech Aviv and DIFC will enable collaboration and information sharing on fintech innovation, regulation, and business development. The MoU aims to facilitate the exchange of ideas and best practices, as well as to foster strategic partnerships between the fintech ecosystems of Israel and the United Arab Emirates (UAE).
The partnership comes at a time when the UAE and Israel have strengthened their diplomatic and economic ties, following the historic normalization of relations in September 2020. The agreement aims to support the development of a regional fintech ecosystem and provide a platform for Israeli fintech startups to expand into the UAE and the wider Middle East market.
The collaboration is expected to drive innovation and facilitate growth for both countries’ fintech industries. Israel is known for its cutting-edge technology and startup culture, while the UAE has emerged as a leading hub for fintech in the Middle East and North Africa (MENA) region. The MoU between FinTech Aviv and DIFC will create opportunities for collaboration and co-innovation between the two ecosystems, benefitting both economies.
According to Daniel Schreiber, CEO of Lemonade and chairman of FinTech Aviv, the MoU is a “tangible example of the new era of collaboration between the UAE and Israel.” He added that “FinTech Aviv is honored to partner with DIFC and looks forward to leveraging our complementary strengths to build a stronger, more vibrant regional fintech ecosystem.”
Similarly, Arif Amiri, CEO of DIFC Authority, said that the MoU “further strengthens DIFC’s position as the region’s leading financial center, driving the future of finance across the MEASA region.” He added that “the partnership with FinTech Aviv will create valuable opportunities for our community of startups, financial institutions, and fintech businesses to connect, collaborate, and drive innovation.”
The MoU between FinTech Aviv and DIFC reflects the growing importance of collaboration and innovation in the fintech industry, particularly in the wake of the COVID-19 pandemic. It is expected to drive growth and enhance the competitiveness of both countries’ fintech ecosystems, while also supporting the wider economic and diplomatic ties between Israel and the UAE.
In conclusion, the collaboration between FinTech Aviv and DIFC is a significant step towards building stronger relations between Israel and the UAE and creating a more vibrant regional fintech ecosystem. The MoU will enable closer cooperation and information sharing between the two ecosystems, driving innovation and facilitating growth for both economies.