DIFC and Govt of Maharashtra sign MoU to support FinTech startups
DIFC attended high-level meetings in Mumbai, highlighting the global financial centre as an ideal base for Indian small, medium as well as large size companies looking to scale in the Middle East, Africa and South Asia region. The meetings discussed DIFC’s roadmap for growth, while exploring potential mutually beneficial partnerships for Indian firms and financial institutions.
which entails plans to mutually support FinTech start-ups and facilitate their growth through development and collaboration.
To this effect, DIFC signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, "which entails plans to mutually support FinTech start-ups and facilitate their growth through development and collaboration," said Arif Amiri, Chief Executive Officer of DIFC Authority.
Arif Amiri also revealed to SME 10X that "The Government of Maharashtra shares DIFC’s core objective of fostering next-generation innovation that will enable financial empowerment and technological advancement across the entire financial services ecosystem."
We have also agreed to facilitate and support delegation visits between the UAE and Mumbai, to collaborate on the general exchange of information, share of resources, and best practice relating to FinTech to continue to benefit this sector within our respective jurisdictions.Arif Amiri, Chief Executive Officer of DIFC Authority.
The Centre’s innovative and flexible licensing allows Indian FinTech organisations the opportunity to scale their businesses across the region by providing tailored solutions to support their growth in fast-growing emerging markets.
DIFC is home to two highly successful accelerator programmes, namely DIFC FinTech Hive and Startupbootcamp, providing access to $100 million FinTech fund, subsidised licencing options, forward-thinking regulations and a financial community of over 2,100 regional and global institutions—all of these will be highly beneficial to Indian FinTech startups.
DIFC is already home to more than a 100 Indian finance companies, such as ICICI Bank, State Bank of India, Punjab National Bank, Union Bank of India, HDFC Bank, Axis Bank, Phillip Capital and more. During the visit, it also partnered with Phillip Capital, an integrated financial house, to engage business leaders from various sectors such as construction, logistics, automotive, manufacturing, technology, oil and gas, and hospitality.
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. We are dedicated to nurturing this growth through strategic international partnerships and knowledge-sharing with like-minded public organisations such as the Government of Maharashtra. Together we will continue to facilitate opportunities for firms to innovate within the MEASA’s burgeoning FinTech industry.Arif Amiri, Chief Executive Officer, DIFC Authority
During this session, DIFC discussed market opportunities for family offices and reaffirmed its commitment to offering a specialised business ecosystem and regulatory framework, as well as comprehensive support services, to help family businesses operate successfully in the region.
DIFC’s partnership with the Government of Maharashtra will strengthen relationships to help Indian FinTech businesses scale to the region. Prior to this, DIFC has also signed on with TiE Mumbai to support FinTech startups to expand to Dubai, and is currently in the review process of selected startups.