DIFC FinTech Hive to Accelerate Financial Technology

DIFC FinTech Hive to Accelerate Financial Technology

The Dubai International Financial Centre (DIFC) is one of world’s leading financial hubs in the Middle East, Africa, and South Asia region. DIFC is a designated special economic zone in Dubai established in 2004, it is an independent organization having its own internally regulated judicial system, common law framework, global financial exchange, the tax-friendly regime, and a large business community.

The DIFC offers a vibrant business ecosystem with over 23,000 professionals working across more than 2000 active registered firms that operate within the zone and benefit from the independent regulatory & judicial system, inspiring architecture, a global financial exchange enabling international trade complemented by the exceptional support services and business setup services in DIFC. Featuring ultra-modern office space, retail outlets, cafés, restaurants, residential apartments, art galleries, public green spaces, and world-class hotels the DIFC financial district is specially built for conducting international financial, trade and business operations.

 

DIFC FinTech Hive

Connecting technology innovators and investors to a network of financial leaders at FinTech Hive DIFC catalyzes & accelerates cutting-edge innovative FinTech solutions. In April 2017, DIFC announced the Dubai FinTech Hive initiative to accelerate the growth in the Financial Technology sector in the region. The objective of FinTech Hive was to connect the innovators in the financial services technology with banks, financial institutions, and service providers offering a dynamic ecosystem to develop and present their products. Facebook and Envestnet are the present technology partners.

Today, setting up business in DIFC FinTech Hive offers cost-effective licensing solutions for fin-techs, supportive regulations through its innovative testing license, flexible co-working spaces and access to a large financial community with more than 22,000 professionals working across a wide-range of financial services delivering unmatched solutions to the international financial markets. Furthermore, major financial institutions and banks from across the globe have set up in DIFC to undertake operations in the region.

Innovation at DIFC FinTech Hive

The DIFC has established as a first-of-its-kind accelerator in the Middle East region to bring cutting-edge financial services and technology to these markets through its platform where financial and technology firms come together to collaborate and innovate. By having an unparalleled ecosystem with more than 60 partner entities, with the shared goal towards fostering innovation and nurturing business in the region.

FinTech Hive at DIFC has a distinct advantage from other accelerators across the globe as the FinTech and financial institutions are housed under one roof. This self-contained environment is an ideal nurturing ground for creating, designing and developing an exceptional FinTech hub that meets the needs of the financial service industry, stakeholders and customers alike.

Bigger and Better DIFC FinTech Hive in 2019

The FinTech Hive at DIFC has been developed to assist, refine, test and nurture your proposition with the support of the world’s leading financial firms. The industrial progression in technology in financial sector necessitates significant co-operation and collaborative efforts amidst the traditional players and the FinTech firms & innovators, along with the prescient capability to anticipate the forthcoming transformative changes and adapt to the working model of the industry.

DIFC FinTech Hive’s 3 Pillars

1. Ground-Up Development

Customized and focused technology solutions that are paramount in driving success and overcoming challenges. Deal flow and data spanning over the past decade has been captured and analyzed, allowing for the continued success and implementation of strategic measures to be put in place and to showcase the far-reaching needs of both the international and local financial service providers.

2. Global Connectivity

An international community drives innovation and collaboration, DIFC has brought in a tried and tested global concept to complete this link. The accelerator allows experience on a global scale to find the right niche in which to work and excel through solution-led financial technology.

3. Ecosystem Development

Continued reflection and constant learning have allowed for the creation of an unparalleled start-up ecosystem and enhanced throughout the course of its development, catering to all parts of the value chain. The ecosystem capital, talent, and infrastructure are already in place, complementing top-end flow and rapidly growing risk capital culture to drive FinTech innovation for the Middle East, Africa, and South Asian region.

Advantages of Setting up Business in DIFC

  • 100% foreign ownership without local support
  • 40-year guarantee on zero corporate and income taxes
  • A network of double taxation avoidance agreements
  • Independent and world-class Regulatory Environment
  • A unique judicial system with a common-law framework distinct from the UAE legal system
  • DIFC court system for handling issues
  • Laws and regulations in English
  • Privately held Dubai International Financial Exchange (NASDAQ-Dubai)
  • Hub & spoke model
  • An extensive set of support services offered by DIFC

Facilities at Dubai International Financial Centre

  • 24/7 operational Support and Business continuity facilities
  • Integrated platform with specialized infrastructure
  • Mentoring and collaboration with leading financial institutions
  • Ultra-modern workspace
  • State-of-the-art business centers
  • Dynamic retail spaces
  • Advanced facilities, safety, and security systems
  • Cutting-edge connectivity and integrated data solution with modern data centers
  • Centralized client-servicing model
  • Specialized zones for tech innovators
  • Funding opportunities from the global investor community
  • Partnerships with leading companies and experts

Areas of Business in DIFC

  • Banking
  • Private Banking
  • Investment Banking
  • Brokerage Services
  • Capital Markets
  • Insurance, Re-Insurance & Captives
  • Fund, Asset and Wealth Management
  • Private Equity
  • Corporate Offices
  • Professional Service Providers
  • Islamic Finance
  • Financial Technology
  • Retail & Convenience
  • Cafes & Restaurants
  • Art Galleries

Types of Spaces offered in DIFC

  • Commercial office spaces
  • Co-working spaces
  • Retail spaces
  • Business centres
  • Event spaces
  • Data centers

The FinTech Hive at DIFC provides an excellent infrastructure and platform to bridge the gap, drive innovation by offering the firms, businesses operating in the zone the opportunity to develop, test and modify their innovations and create tailor-made solutions for that fits the requirements of the rapidly growing financial industry in the region. Fast-track your business concept and convert it into a strong, commercially viable preposition that has been tried & tested in one of the most demanding industries by setting up your office in DIFC Dubai.

Commitbiz is a business consultancy firm helping firms and entrepreneurs set up their business in DIFC for over a decade. Our business advisors in Dubai can guide you if you are planning to set up your company here. Contact us for more information – we’d be happy to assist.

Author Bio

Narayanan has been a ghostwriter for the past 4 years. As an undergrad in Electrical & Electronics Engineering, he has a well-founded interest in developing sustainable solutions with innovative technology. Intellectually curious, he has a wide range of interests ranging from Renewable Energy, Electronics, Technology, Military Science, Geopolitics, International Relations, and world history.