Dubai FSA signs MoU with Central Bank of Mauritius

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Dubai FSA signs MoU with Central Bank of Mauritius

The Dubai Financial Services Authority (DFSA) has signed a memorandum of understanding (MoU) with the Central Bank of the Republic of Mauritius (Bank of Mauritius), to cooperate and assist each other in the performance of their respective regulatory functions and to facilitate the exchange of knowledge on technologically enabled financial innovation.

In  a statement on 4 April, the DFSA said the MoU was signed by Fadel Al Ali, chairman of the DFSA, and Harvesh Kumar Seegolam, Governor of Bank of Mauritius, in Dubai at the DFSA offices.

The MoU places an emphasis on technologies pertinent to financial services, regulation and supervision, to facilitate a more efficient and effective delivery of regulatory requirements.

“As a global regulator it is imperative that we are share our experiences and expertise to further advance the development of our economies and safeguard the health of our financial systems."

The two authorities will also foster open dialogue on operational and technology risk supervision, anti-money laundering and combating the financing of terrorism and proliferation, and cybersecurity.

The agreement between the two authorities establishes a framework for capacity building in financial services in areas of common interest to both authorities, it further said. 

Fadel Al Ali said advanced technologies are an important and growing component of the global financial ecosystem.

"As a global regulator it is imperative that we are share our experiences and expertise to further advance the development of our economies and safeguard the health of our financial systems. 

"We welcome this opportunity to collaborate with the Bank of Mauritius on emerging technologies impacting the financial ecosystem."