Dubai and Seoul are looking to foster cross-border collaboration, share best practices and drive financial services innovation. This is being made possible via a newly signed Memorandum of Understanding (MoU) between Dubai International Financial Centre (DIFC), the global financial centre in the Middle East, Africa, and South Asia (MEASA) and the Seoul Metropolitan Government (SMG).
The 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. 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.
Speaking on the signing of the agreement, 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, added: “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. Ultimately, we want to grow the two financial ecosystems as we come together to drive the future of finance.”
Setting up for success
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.