Dubai International Financial Centre (DIFC) has signed a memorandum of understanding (MoU) with China Banking Association (CBA) to bolster ties in the areas of financial technology and services.

Both the entities agreed to share knowledge and practices to provide better services to their member units.

In addition, the DIFC CBA agreement will explore new avenues to improve technical skill set of its members through relevant training.

The collaboration is expected to benefit more than 2,000 active registered firms operating in the DIFC and 695 member units of CBA.

DIFC CEO Arif Amiri said: “This partnership with China Banking Association is a strategic milestone in cementing DIFC’s longstanding connection to China’s financial community.

“What we aim to create, together with China Banking Association, is a stream of opportunities and best practices that allow our communities to collaborate on unlocking new areas for development.”

DIFC houses the regional headquarters of ICBC, China Construction Bank, Bank of China and Agricultural Bank of China.

These Chinese lenders utilise the DIFC platform to manage investments across various regions.

CBA CEO Guangwei Pan said: “This reciprocal MoU identified numerous areas in which the two entities can work together, such as Fintech, trainings and regulatory information sharing.

“As China is opening its door wider and recently launched more favourable policy for foreign financial institutions, this MoU comes just at the right time, further benefiting the UAE’s financial institutions for their development in China.”

DIFC has previously forged strategic partnerships with various industry stakeholders to promote fintech development.

In June, DIFC formed a partnership with UK-based Startupbootcamp to bolster fintech offerings.