Regulators in Dubai and Singapore have entered into an agreement to collaborate on FinTech.
The Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS) said the agreement will provide a framework for cooperation and referrals between the innovation teams of each authority.
Both authorities said they plan to develop an environment that supports the ‘sustainable development’ of financial services through emerging technology.
DFSA’s chief executive, Ian Johnston said: “We are pleased to formalise an agreement with MAS to support the growth of innovation in financial services. Cooperation between MAS and the DFSA will help create synergies and greater understanding between our two markets and will enable FinTech firms to extend their reach globally.”
The agreement will enable the authorities to refer innovator businesses between their respective innovation functions and forms a process to share and use information on innovation. Both authorities will work on joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (API), and other areas of new technologies.
In 2008, the DFSA and the MAS formed a memorandum of understanding, which provided a formal basis for supervisory cooperation in banking, insurance and capital markets. The regulators are also both members of the recently established Global Financial Innovation Network (GFIN), which consists of 12 financial regulators and associated organisations from around the world.
The DFSA has already formed FinTech cooperation agreements with the Australian Securities and Investment Commission, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, the Hong Kong Insurance Authority, and the Malaysian Securities Commission. While MAS recently signed FinTech agreements with Brunei Darussalam (AMBD) and the State Bank of Viet Nam (SBV).
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
