Dubai International Financial Centre (DIFC), a top ten global financial centre, and the leading financial hub for the Middle East, Africa and South Asia (MEASA) region and home to the largest most developed financial and FinTech ecosystems in the region with a presence of 72 countries, has signed a memorandum of understanding with Hapoalim Bank of Israel, one of the largest bank and financial services company in Israel. The agreement aims at cooperation across financial activities and will benefit both countries in a wide range of mutually beneficial opportunities.
Bank Hapoalim, the leading bank in Israel and headquartered in Tel Aviv is engaged in corporate and private banking services. The bank was founded in 1921 and is a publicly-traded banking corporation organized and operating under Israeli law listed on the Tel Aviv Stock Exchange (TASE).
As per the agreement signed on 21st November 2020, Bank Hapoalim will become a global partner of the DIFC and will also become a part of DIFC worldwide network of banks, financial centres, regulators and companies disrupting financial and technology sectors and embracing the highest legal, regulatory and operating standards.
The MOU signed with the DIFC will enable bank Hapoalim to avail banking and innovation opportunities in the MEASA regions.
The agreement reached will enable DIFC to help Emirates facilitate economic growth from the finance and innovation sectors. Besides, the MOU will support the DIFC vision to drive the future of finance from Dubai. The agreement also demonstrates the contribution of DIFC to the UAE’s willingness to forge business ties with Israel and promote Israeli business setup in Dubai.
The agreement also marks a step towards bank Hapoalim establishing the bank’s first regional presence outside Israel. Both the entities recognize the importance of collaborative efforts through knowledge sharing, delegations hosting and industry events promotional activities.
FinTech and investment experts from Hapoalim bank will also be invited to take part in exclusive events including the forthcoming DIFC Fintech Hive Investor Day and explore opportunities for company formation in Dubai.
Arif Amiri, CEO of DIFC Authority commented: ” Our partnership provides Bank Hapoalim with access to the most developed, broad and deep financial ecosystem in the region, allowing them to capitalize on the most lucrative banking, capital markets, asset management, innovation and fintech opportunities available.”
Arif Amiri also said: “We hope the agreement will provide us with a unique Dubai-Israel opportunity to accelerate our future of finance agenda and stimulate innovation with Bank Hapoalim through the DIFC Innovation Hub.”
Dov Kotler, CEO of Bank Hapoalim remarked: “It will provide Israeli fintech entrepreneurs with a gateway to the dynamic and vibrant Dubai ecosystem, and help foster cross border innovation. It is an honour to be the first Israeli bank to construct this important bridge for innovation.”
The CEO of Bank Hapoalim also added: “The agreement signed with Dubai International Financial Centre is an important milestone. We hope to serve, extend and strengthen the financial relationship between our two countries.”
Emirates NBD, a Dubai based lender signed an MOU with Israel’s Bank Hapoalim in September 2020 allowing Israeli clients to transact directly in the UAE.
Abu Dhabi Global Market (ADGM) and Bank Hapoalim have also signed an agreement to jointly innovate on fintech services, ecosystems and market opportunities, the official news agency WAM reported on 21st November 2020.
As per the agreement, ADGM and Bank Hapoalim will collaborate on fintech projects in the fields of international trade, business and financial services activities between the UAE and Israel.
ADGM and Bank Hapoalim will also support fintech companies and entrepreneurs seeking to scale their presence across the UAE and Israeli markets.
Dhaher bin Dhaher Al AlMheiri, CEO of the ADGM Registration Authority said: ” ADGM is continuously working with strategic partners, locally and internationally, to further the Abu Dhabi and UAE’s economic plans and technology agenda, and we are excited to partner with Bank Hapoalim to advance the banking and financial services in both jurisdictions. “
Dov Kotler, CEO of Bank Hapoalim nominated speaker at the upcoming FinTech Abu Dhabi festival commented: ” The agreement with Abu Dhabi Global Market is a breakthrough pact that we hope will serve to extend and strengthen the financial cooperation between the UAE and Israel. It will enable fintech companies, customers of Bank Hapoalim, access to a new world of opportunities. It is a great honour to be the first bank to sign such an agreement that will contribute to the establishment of the relationship between our two countries and economies.”
