The duo seeks to jointly work on joint innovation projects on the application of key technologies like digital and mobile payments, blockchain and distributed ledgers and other areas of new technologies.
The Dubai Financial Services Authority (DFSA) has signed an agreement with the Monetary Authority of Singapore (MAS) that provides a framework for cooperation and referrals between the innovation teams of each authority.
In a statement, the DFSA said that the collaboration reflects the commitment of both authorities to develop an environment that supports the sustainable development of financial services through emerging technology.
Ian Johnston, DFSA’s Chief Executive, said, “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.”
The agreement centres on a referral mechanism which will enable the authorities to refer innovator businesses between their respective innovation functions, setting out a process to share and use information on innovation in their respective markets.
The collaboration around fintech between the DFSA and MAS, who both are members of the Global Financial Innovation Network (GFIN), extends a long-standing relationship of the pair’s 2008 memorandum of understanding, which provides a formal basis for supervisory cooperation in banking, insurance as well as capital markets.