UAE - Mubasher: The Central Bank of the UAE (CBUAE) has inked a Memorandum of Understanding (MoU) with Dubai International Financial Centre (DIFC) to boost the UAE’s FinTech ecosystem through a number of initiatives and activities.

The CBUAE will cooperate with DIFC to develop a co-sandbox to allow FinTech companies to test their innovative solutions, according to a press release on Wednesday.

Under the agreement, the central bank and DIFC will launch FinTech initiatives and activities, including accelerator programmes, competitions, workshops, seminars, conferences, and projects.

The Governor of CBUAE, Khaled Mohamed Balama, said: "We strongly believe that one of the foremost ways to ensure a robust financial system is to develop a regulatory environment that is conducive to innovation and digitisation. DIFC is home to one of the largest FinTech accelerators in the region and has played a vital role in accelerating the prominence of FinTech solutions in the country."

Meanwhile, the Governor of DIFC, Essa Kazim, commented: "Through our partnership with the UAE Central Bank, we will offer FinTech entrepreneurs the confidence to realise their entrepreneurial dreams, and further contribute to Dubai and the UAE’s position as the global hub for the FinTech sector."