Dubai International Financial Centre (DIFC) has set up a $100m fintech- focussed fund to support start-ups entering fintech industry.

The fund will offer assistance to budding start-ups from incubation stage through to growth stage.

The fund was launched during the inaugural Global Financial Forum (GFF), which is organised by DIFC.

DIFC governor Essa Kazim said: “We are launching a new $100m fund to help establish, grow and upscale start-up and growth stage fintech firms looking to access the MEASA markets.

“The fund will leverage the DIFC’s fintech ecosystem consisting of attractive experimental licenses, market leading pricing and collaborative spaces.

“There is immense opportunity in this market, and this will be one more step towards shaping the future of finance in the region.”

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Earlier this year, Dubai Financial Services Authority (DFSA) entered into fintech cooperation agreements with regulators of Lebanon, Malaysia, Hong Kong and Europe.