Dubai International Financial Centre (DIFC) has entered into an agreement with the government of Maharashtra in India in a bid to propel and support fintech startups in both the markets.
The financial hub's innovative and flexible licencing will enable Indian fintech firms to scale their businesses across the MEASA region by providing tailored solutions to support their growth in fast-growing emerging markets.
"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. 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," Arif Amiri, chief executive officer of DIFC Authority, said in a statement.
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"
Startups based in the Centre gain access to a $100m (Dh367 million) fintech fund, subsidised licensing options, forward-thinking regulation and a financial community of over 2,100 regional and global institutions, of which more than 80 are fintech-related companies, enabling DIFC to act as a springboard for growth.
The DIFC Fintech ecosystem includes two highly successful accelerator programmes offered by DIFC Fintech Hive and Startupbootcamp, which respectively support early-stage start-ups and their growth.
Shri Srinivas, principal secretary directorate of information technology, government of Maharashtra, said: "At present, DIFC is home to more than 100 Indian financial firms, banks, sector specialists and consultancies, and we are confident that this partnership will bring further opportunities for ongoing collaboration within the realms of financial technology and innovation."
DIFC is home to more than 100 Indian financial firms such as ICICI Bank, State Bank of India as well as Hinduja Bank Middle East, Punjab National Bank and Bank of Baroda among others.