DIFC and Mizuho to Give 6,000 Japanese Startups a Route into Dubai

Dubai International Financial Centre has signed an agreement with Mizuho Financial Group that gives as many as 6,000 of the Japanese bank's startup clients a route into DIFC's innovation ecosystem.

Under the arrangement, founders get help with market entry and initial set-up through DIFC Innovation Hub. Eligible companies can also join Ignyte, the Hub's digital platform, depending on what their business needs.

Ignyte connects startups with investors and corporate partners, offers mentors, and runs growth programmes.

Mizuho's startup book is substantial. The group has extended about JPY 1 trillion, or roughly US$6.3 billion, in financing to Japanese startups over the past three years, and more than 400 of its specialists work with them.

Arif Amiri, CEO of DIFC Authority, said the Centre has a "longstanding reputation for driving the financial services agenda between the UAE and Japan."

longstanding reputation for driving the financial services agenda between the UAE and Japan.

Masahiko Ejima, Mizuho's Regional Head for Middle East, Africa, Turkey & Central Asia Caucasus, described startups as a "driving force behind future economic growth and innovation."

DIFC Innovation Hub houses more than 1,300 active technology and innovation firms, spanning fintech, AI and Web3. DIFC itself is home to 19 Japanese firms with 560 staff between them, including Mizuho Bank, SMBC, MUFG Bank and Nomura.

The Centre is regulated by the Dubai Financial Services Authority, which signed a cooperation framework with Japan's Financial Services Agency in 2018.

For a Japanese founder, the practical difference is that the bank handling the introduction already has desks in the same district. Four of Japan's largest financial names sit inside DIFC, and the entry support runs through a digital platform, so a company can test the market before committing staff to it.