Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa, and South Asia (MEASA) region, has signed a Memorandum of Understanding (MoU) with Seoul Metropolitan Government (SMG) to foster cross border collaboration, share best practices and drive financial services innovation between Dubai and Seoul.
The first-of-its-kind agreement was signed by Mr. Kim Tae-Kyun, Deputy Mayor of Seoul and Director of Economic Policy, SMG and Mr. Arif Amiri, Chief Executive Officer, DIFC Authority.
Arif Amiri CEO – DIFC Authority
“Yeouido Financial Centre in Seoul shares DIFC’s core objective of fostering next-generation financial innovation to unlock areas of common economic interest. Through this MoU with Seoul Metropolitan Government,we are providing a new framework for collaboration between Dubai and Seoul to ultimately grow the two financial ecosystems as we come together to drive the future of finance.”
Mr. Tae-Kyun, said that “Amidst higher interest from Middle Eastern countries in the Korean market, we will collaborate with DIFC, the leading financial center in the UAE, and Yeouido, the leading financial center in Korea, to help source capital and support our startups expand to the Middle East.”
A meeting was also held with Mr. Oh Se-Hoon, the Mayor of Seoul, and Mr. Mohammad AlBlooshi, Chief Executive Officer of the DIFC Innovation Hub, to discuss the future of finance and mutual growth opportunities. “We hope to create more win-win opportunities through enhanced collaboration between the two countries”, Mr. Oh Se-Hoon, said during the meeting.
As part of a wide-ranging framework, the MoU creates a unique roadmap for sharing of best practices relating to the future of finance, operations of international financial centers, and development of cross-border start-up programs. It also provides scope for exchanging start-up delegations for major regional events and business development opportunities for start-ups and scale-ups in both countries.
Further underpinning the agreement is a strategic focus on fostering the common interests of DIFC and the Seoul Metropolitan Government, Yeouido Financial Centre in Seoul and Seoul Business Agency by supporting startups in the UAE and South Korea. As part of the MoU, DIFC will also provide support for the expansion of South Korean companies, to accelerate growth of startups and entrepreneurs globally.
The DIFC senior executives were also visiting South Korea as part of a UAE delegation to Seoul led by His Excellency Abdulla Bin Touq Al Marri, the United Arab Emirates Minister of Economy, representing the UAE at the COMEUP Global Startup Festival.
