Dubai and Japan reach FinTech cooperation agreement

Financial regulators in Dubai and Japan have partnered to encourage the adoption of technological advancements in both markets.

The Dubai Financial Services Authority (DFSA) said it has entered into an Exchange Of Letters with the Financial Services Agency of Japan (FSA) to cooperate in the development of FinTech.

DFS said the cooperation framework reflects efforts by both authorities to foster innovation in the Dubai International Financial Centre (DIFC) as well as in Japan.

Under the terms of the agreement, and given the global nature of innovation in financial services, the authorities will share information on developments in FinTech and ensure the ‘efficient entry’ of financial innovators into the respective markets.

Ian Johnston, chief executive of the DFSA, said: “We are very pleased to strengthen our long-established collaboration with Japan’s FSA and to enhance our cooperation on matters related to innovation in financial services. This is testament to our commitment to foster effective agreements with peer regulators across the globe, engaging on emerging FinTech topics.

“We look forward to working with Japan’s FSA to develop our FinTech proposition and contribute to the efficiency and further enhancements of our respective financial markets. This step aligns seamlessly with the National Innovation Strategy to make the UAE a global hub for innovation, as set out by UAE Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum.”

The purpose of this cooperation is to provide a regulatory framework for discussion and a referral mechanism, which will enable the authorities to refer financial innovators between their respective innovation functions. It also sets out how the Authorities plan to share and use relevant information in their respective markets.

DFSA has reaches agreements with another of other international financial regulators in relation to FinTech, namely: the Australian Securities and Investment Commission, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, the Hong Kong Insurance Authority, the Malaysian Securities Commission among others.

Copyright © 2018 RegTech Analyst

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