The Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS) have entered into an agreement for cooperation and referrals of financial services through emerging technology (FinTech)
The agreement will work as a referral mechanism enabling Dubai and Singapore to share and use information on innovation within both financial markets
They will also work on joint innovation projects covering digital and mobile payments, blockchain and other emerging technologies
“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” said DFSA’s Chief Executive, Ian Johnston
Both the DFSA and MAS are members of the Global Financial Innovation Network (GFIN), a network of 12 regulators set out to work together and share experiences of financial innovation, to improve financial stability, integrity, customer outcomes and inclusion.