Dubai signs FinTech agreements with Hong Kong and Australia
The Dubai Financial Services Authority (DFSA) has announced the signing of a new partnership with two regulation authorities in Hong Kong that will see the countries working together to promote innovation within FinTech.
This includes the signing of new bilateral agreements with Hong Kong’s Insurance Authority (IA) and the Hong Kong Monetary Authority (HKMA) that will strengthen ties between the two countries that currently cooperate on both financial services regulation and FinTech within business.
“Our Agreement with the authorities in Hong Kong is indicative of the importance we place on maintaining a close relationship with Hong Kong’s financial services regulators,” said Ian Johnston, Chief Executive of the DFSA. “The signing of these agreements in FinTech is a natural next step to the collaboration we have in regulating traditional financial services.”
The agreements between the DFSA and Hong Kong’s IA and HKMA follow a similar partnership that the DFSA signed with Hong Kong’s Securities and Futures Commission in August, meaning the DFSA now holds agreements with all three financial counterparts in the Special Administrative Region.
“These latest FinTech cooperation agreements form part of the DFSA’s innovation strategy, which complements the National Innovation Strategy, as set out by UAE Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, to make the UAE a global hub for innovation,” the DFSA said.
The announcement of these new deals also comes just over two weeks after the signing of an separate agreement between the DFSA and the Australian Securities and Investment Commission (ASIC) that sets out the framework for similar FinTech agreement.