The Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS) yesterday entered into an agreement to collaborate across a range of fintech and emerging technology projects.
The agreement centres on a referral mechanism which will enable the authorities to refer innovator businesses between their respective innovation functions. It also sets out a process to share and use information on innovation in their respective markets.
The 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 formalises intentions of both authorities to 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.
The DFSA and MAS are both also members of the recently established Global Financial Innovation Network (GFIN), which consists of 12 financial regulators and associated organisations from around the world. The GFIN seeks to conduct joint work and share experiences of financial innovation, to improve financial stability, integrity, customer outcomes and inclusion. Members of GFIN include regulators from Britain, Hong Kong and Australia.
This latest initiative forms part of the National Innovation Strategy, launched in 2017 by UAE vice-president, prime minister and ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, with the aim of transforming the UAE into a global hub for innovation.