DIFC said it has seen “exponential growth” in the number of Indian firms operating from the centre.

Dubai International Finance Centre (DIFC) has shaken hands with Gujarat International Finance Tec-City (GIFT), an Indian financial hub, on a deal that seeks to foster collaboration between the two institutions. 

The memorandum of understanding, signed earlier this week, allows the two hubs to exchange information on banking, financial services and securities; legislation and regulation; and trends in services activities and products, with a particular focus on financial technology, DIFC said in a statement. 

The centres intend to create a programme of international exchange for entities based in DIFC and GIFT, which would enable them to set up shop in either hub under mutually-agreed terms.

DIFC said it has seen “exponential growth” in the number of Indian firms operating from the centre. In 2007, just one Indian institution operated from the centre. Now, there are more than 25.

“We are delighted to sign this memorandum of understanding with GIFT, especially at a time when United Arab Emirates ties with India are growing ever closer,” said Arif Amiri, chief executive of DIFC Authority.

He added: “India represents the UAE's third-largest trading partner as well as one of the world’s fastest growing economies, and natural synergies between the two centres exist which will certainly benefit our respective clients.”

The MoU comes as financial centres across the world enter into various agreements with the aim of bolstering cross-border regulatory collaboration.

Last week, Abu Dhabi Global Market entered into a similar agreement with Jordan's central bank in a bid to strengthen regulatory corporation.