DIFC ties up with Seoul Metropolitan to drive cross border collaboration

Gulf Today, Staff Reporter

Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region has signed a Memorandum of Understanding 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 Kim Tae-Kyun, Deputy Mayor of Seoul and Director of Economic Policy, SMG and Arif Amiri, Chief Executive Officer, DIFC Authority.

Kim Tae-Kyun, Deputy Mayor of Seoul and Director of Economic Policy, SMG, said: “Amidst higher interest from Middle Eastern countries in the Korean market, we will collaborate with DIFC, the leading financial centre in the UAE, and Yeouido, the leading financial centre in Korea, to help source capital and support our start-ups expand to the Middle East.”

Arif Amiri, Chief Executive Officer, DIFC Authority, commented: “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.”

A meeting was also held with Oh Se-Hoon, the Mayor of Seoul; Arif Amiri, Chief Executive Officer, DIFC Authority; and 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”, Oh Se-Hoon, Mayor of Seoul, 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 centres, and development of cross-border start-up programmes. 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 start-ups 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 start-ups 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.

The Seoul Metropolitan Government is a local government of Seoul, South Korea. The mayor is elected to a four-year term by the citizens of Seoul and is responsible for the administration of the city government. The Seoul Metropolitan Government deals with administrative affairs as the capital city of South Korea. In the city government, there are 5 offices, 32 bureaus, and 107 divisions.

International Finance Centre Seoul commonly known as IFC Seoul, is a mixed-use integrated commercial development in Seoul, South Korea. It is located in Yeouido-dong, Yeongdeungpo-gu, Seoul, South Korea. The IFC project is one of the first large-scale developments in Korea, led by an international consortium. It was officially launched in 2005, and is part of Seoul Metropolitan Government’s plan to rejuvenate the Yeouido area as a regional financial hub.

The Seoul Business Agency has consistently grown alongside the Seoul economy for 25 years, serving as a pivotal institution for start-up promotion, business growth, and industrial development

Dubai International Financial Centre: Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres and the leading financial hub for the Middle East, Africa, and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.

With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai.

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 39,000 professionals working across over 4,900 active registered companies – making up the largest and most diverse pool of industry talent in the region.

The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub, offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.