Media ININ Economy We Trust
Media In – Dubai 29 August 2018 / WAM /
The Dubai Financial Services Authority (DFSA) today signed an agreement with the Monetary Authority of Singapore to provide a framework for cooperation and provide a mechanism to enable the two parties to direct and transfer innovative companies to the competent authorities in the field of financial technology. This agreement reflects the commitment of both authorities to develop an environment that supports the sustainable development of financial services through emerging technologies. “The agreement between the two authorities will create synergies between the two markets and will enable financial technology companies to expand their business globally,” said Ian Johnston, Chief Executive Officer of the DFSA. The agreement focuses on the mechanism of assignments that will enable the two authorities to direct and transfer their work in the field of innovation. It also defines the exchange and use of information on innovation in their respective markets. Under the agreement, the two parties also contracted to participate in joint innovation projects on the innovative use of key technologies, such as mobile payment, blockbuster, distributed accounting books, large data, flexible platforms, as well as new areas of technology. The agreement builds on the relationship between the Dubai Financial Services Authority (DFSA) and the Singapore Monetary Authority, which have a long-term relationship. The first memorandum of understanding was signed in 2008, which provides a formal basis for co-operation in banking, insurance and capital markets. This agreement works to exchange information on regulatory matters between the two authorities.
