Seoul and Dubai financial authorities pledge to boost partnership

[Courtesy of Seoul Metropolitan Government]

South Korea’s Seoul Metropolitan Government said on Friday that it signed a partnership with the Dubai International Financial Center (DIFC), known as a global hub for FinTech and innovation, to encourage Korean fintech firms to venture into overseas markets and promote a bilateral network for financial districts.

As a financial community of 4,900 firms from various sectors, such as finance, insurance, and FinTech, the DIFC also has its own administrative, law enforcement, and watchdog agencies in place. The registered companies are exempted from paying corporate income tax to the United Arab Emirates and can repatriate all their profits to their home countries.

Under the memorandum of understanding (MOU) signed on Thursday, Seoul and the DIFC agreed to strengthen their cooperation in five key areas, including building a network connecting the financial districts of the two cities, development of borderless startup programs, and broader support for Korean companies in their foray into global finance via programs of Leap, a digital platform by the Dubai International Financial Centre Authority.

“There will be a chance to see more opportunities that benefit the two partners, with more cooperation,” Seoul mayor Oh Se-hoon said in a bilateral meeting with Chief Executive Officer of DIFC Authority Arif Amiri following the MOU signing.