DIFC furthers collaboration with India and signs deal to back FinTech startups

Dubai International Financial Centre’s (DIFC) mission to India has secured several deals to back local FinTech startups. The mission is led by Essa Kazim, governor of DIFC, and Arif Amiri, CEO of the DIFC Authority. The mission hopes to advance financial collaboration with the strong regional ally.

In the mission’s visit to Maharashtra, officials took part in high-level strategic meetings in Mumbai and surrounding regions of the state. Through these meetings, DIFC distinguished itself as the ideal destination for Indian startups looking to expand their operations across the MEASA region. These meetings were set up to discuss DIFC's strategic plans for further collaboration and to explore mutually beneficial partnerships with Indian firms and financial institutions.

Another milestone of utmost significance was the Memorandum of Understanding (MoU) signed by DIFC and the Government of Maharashtra. The memorandum outlines plans for both entities to support Fintech startups based in their respective markets. Furthermore, the institution intends to support the growth of Indian companies through tailored solutions.

Talking about the latest developments in DIFC’s partnership with Maharashtra, Arif Amiri, CEO of the DIFC Authority, said: "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.”

He was of the view that Indian FinTechs are proving themselves to be pioneers in the field, presenting a unique opportunity for the region to become a global leader in the space.

“We are dedicated to nurturing this growth through strategic international partnerships and knowledge-sharing with like-minded public organizations such as the Government of Maharashtra. Together we will continue to facilitate opportunities for firms to innovate within the MEASA's burgeoning FinTech industry," Amiri said.

"The Government of Maharashtra shares the DIFC’s core objective of fostering next-generation innovation that will enable financial empowerment and technological advancement across the entire financial services ecosystem," noted S.V.R. Srinivas, Principal Secretary, Directorate of Information Technology, Government of Maharashtra.

He also noted that DIFC is home to more than 100 Indian firms and financial institutions across a wide spectrum of industries. “We are confident that this partnership will bring further opportunities for ongoing collaboration within the realms of financial technology and innovation," Srinivas went on to say.

DIFC also engaged key business and industry leaders from across a variety of sectors including infrastructure development, construction, logistics, and more in collaboration with Phillip Capital. During the session, the center discussed market opportunities for family offices and DIFC’s plans to provide comprehensive regulation and supportive business ecosystems to help family businesses operate successfully in the region.