The Dubai Financial Services Authority (DFSA) and the Commission de Surveillance du Secteur Financier (CSSF) Luxembourg will cooperate on the development of FinTech after new deal.
After signing a new agreement, the authorities will foster innovation across the two countries. The deal will also see the regulators share information about innovations in financial services in their respective markets, including emerging trends and developments as well as innovation-related regulatory issues.
Furthermore, it sets out a mechanism which enables the authorities to refer innovator businesses between their respective innovation functions and supply them with regulatory support.
DFSA chairman Saeb Eigner said, “We are proud to be strengthening our relationship with the CSSF. The DFSA and the CSSF are actively engaged in the development of FinTech giving the market confidence through fair and proportionate regulation. We firmly believe that cooperation with the CSSF is paramount to creating more stable and innovative financial services.
“This is testament to our commitment to foster effective agreements with peer regulators across the globe and engage on emerging FinTech sectors and issues. We look forward to working with the CSSF to develop our FinTech proposition and contribute to the efficiency and further enhancements of our respective financial markets.”
DFSA has been making a number of moves to foster the development of FinTech in the country. Last year, the regulator signed similar collaboration agreements with authorities in Japan and Singapore.
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