The Dubai Financial Services Authority (DFSA) have entered into an Exchange Of Letters with Japan’s Financial Services Agency (FSA) to cooperate in the development of financial technology (FinTech)
The purpose of the partnership is to provide a regulatory framework for discussion and a referral mechanism. It also sets out how the Authorities plan to share and use relevant information in their respective markets
“We are very pleased to strengthen our long-established collaboration with Japan’s FSA and to enhance our cooperation on matters related to innovation in financial services. This is testament to our commitment to foster effective agreements with peer regulators across the globe, engaging on emerging FinTech topics. We look forward to working with Japan’s FSA to develop our FinTech proposition and contribute to the efficiency and further enhancements of our respective financial markets. This step aligns seamlessly with the National Innovation Strategy to make the UAE a global hub for innovation, as set out by UAE Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum”, commented Ian Johnston (Chief Executive of the DFSA)
The DFSA also recently entered into an agreement with Singapore, for cooperation and referrals of FinTech, showing its commitment to FinTech in the region.