According to global consultancy Ernst and Young, not a single Arab country was in 2017 among the top 20 countries in relation to FinTech adoption, a ranking led by China.
The DIFC aims to fill this digital gap through the digital ecosystem FinTech Hive, which was launched a year ago in partnership with global consultancy Accenture.
Startups that set up shops in the hub have so far raised more than 1.07 billion U.S. dollars in venture financing after participating in the accelerator programs, according to the DIFC.
Singapore's digital wealth services firm WeInvest, for example, was one of the finalists in the 2017 program and managed through the DIFC FinTech accelerator to expand its footprint in the Middle East.
The FinTech Hive said in a statement that it started on May 20 accepting applications for its new 2018 program.
"By connecting innovators in financial service technology with the banks, financial institutions and service providers, we are providing a world-class platform to develop solutions to meet specific needs and challenges in the region," said Raja Al Mazrouei, executive vice president of FinTech Hive at DIFC.
The UAE has also expanded its role as one of the leading hubs for Islamic finance, an alternative way of banking and insurance based on Islamic law, or Sharia, which prohibits interest.
Earlier in the month, Bank of London and the Middle East (BLME), a major Islamic financial institution in Britain, announced the opening of a branch in DIFC.
【国际英语资讯:UAE strives to become financial innovation center, taking advantage of Chinas B&R Initiati】相关文章:
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