UAE's financial no cost zones signal agreements with Israel's largest bank
22 November, 2020
The UAE's two financial free zones signed agreements with Israel’s greatest lender Lender Hapoalim on Saturday to jointly develop local FinTech ecosystems and explore industry opportunities between the two countries.
The accord between Abu Dhabi's international financial hub and the Israeli loan company will accelerate the digital transformation of financial services in both jurisdictions, ADGM said in a statement on Saturday.
“ADGM is continuously working with strategic companions, locally and internationally, to further the Abu Dhabi and UAE financial ideas and technology agenda,” Dhaher AlMheiri, leader of the ADGM Sign up Authority, said.
“ADGM will continue steadily to collaborate with strategic sector leaders and introduce fresh initiatives that will effectively focus on the requirements of the financial products and services community.”
Within the agreement, ADGM and Lender Hapoalim will collaborate on a range of FinTech initiatives, including means of developing business, foreign trade and financial providers between your UAE and Israel. They'll also support FinTech businesses and entrepreneurs seeking to grow in both marketplaces.
The signing represents a “breakthrough pact that people anticipation will serve to increase and fortify the financial corporation between your UAE and Israel”, Dov Kotler, chief executive of Bank Hapoalim, said.
“It will enable FinTech companies, clients of Bank Hapoalim, usage of a fresh world of opportunities.”
Under its agreement with Dubai International Financial Centre, Bank Hapoalim will share knowledge, host delegations and encourage industry events. Expenditure and FinTech professionnals from Bank Hapoalim may also be invited to be a part of DIFC Fintech Hive's forthcoming Investor Day time.
The agreement "will provide Israeli FinTech entrepreneurs with a gateway to the dynamic and vibrant Dubai ecosystem, and help foster cross-border innovation", Mr Kotler said.
It offers the lending company "usage of the most developed, broad and deep financial ecosystem in your community, allowing them to capitalise in the most lucrative banking, capital markets, asset administration, innovation and FinTech opportunities available", Arif Amiri, leader of the DIFC Authority, said.
Before this week, the ADGM Financial Services Regulatory Authority and the Israel Securities Authority (ISA) as well signed a FinTech cooperation agreement.
The pact provides a framework for information sharing and facilitating the movement of start-ups, knowledge and talent between your two jurisdictions, ADGM's regulatory authority said on Wednesday.
Mr Kotler may also be speaking at ADGM’s FinTech Abu Dhabi event in a few days to discuss the potential of strengthening links between your FinTech ecosystems in both countries.
The function, held from November 24 to 26, is probably the biggest FinTech gatherings in the Middle East and North Africa region, attracting global financial firms, investors and regulators.
More than 150 speakers including UAE Minister of Talk about Ahmed Al Sayegh, Central Lender of the UAE governor Abdulhamid Saeed and Saudi Arabian Monetary Authority governor Ahmed Alkholifey will take part.
Other speakers include the UAE's minister of artificial intelligence Omar Sultan Al Olama, Monetary Authority of Singapore managing director Ravi Menon, Hong Kong Monetary Authority leader Eddie Yue and Mashreq Group chairman Abdul Aziz Al Ghurair.
Source: www.thenationalnews.com
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