The freezone aims to position itself as the regional centre for the fintech sector
According to an article in The National, the Dubai International Financial Center (DIFC) has established a USD 100 million fund to invest in fintech start-ups.
The fund is expected to seek investments from other government entities in Dubai instead of inviting monies from private investors and expects to be able to make investment decisions on a purely commercial basis, with no preset minimum or maximum amount of investment.
"We really want to consolidate the position of the DIFC to be at the forefront of the changes that are going to happen in the financial sector," said Essa Kazim, DIFC Governor. "This is something that we really want to support in the region. You can see that it's underserviced today and that inclusion is very minimal. The allocation of funding going into this business in the Middle East is very limited as a percentage of the total."
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