Dubai’s financial services watchdog has signed an agreement with its counterpart in Singapore to help grow their respective fintech markets.
At the heart of the deal between the Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS) is a referral agreement whereby fintechs can access either jurisdiction more easily.
The agreement also sets out a process for sharing information on innovation in the respective markets.
It also makes formal reference to the intention of the DFSA and MAS to work jointly on projects involving blockchain, big data, application programming interfaces and other new technology areas.
The DFSA has similar agreements in place with regulators in Australia, Hong Kong and Malaysia and is also a member of the recently convened Global Financial Innovation Network which comprises 12 financial services regulators including the UK’s Financial Conduct Authority.
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