As part of an ongoing push to explore financial technology, Dubai’s financial regulator has inked an agreement with its counterpart in Singapore to collaborate on projects ranging from blockchain to big data.
The Dubai Financial Services Authority (DFSA) announced the partnership with the Monetary Authority of Singapore (MAS) this week, one of a number of such deals it has forged recently.
Gulf countries have increasingly eyed fintech in recent years. Regulators in the U.A.E. and Bahrain have both introduced legal frameworks allowing fintech companies to test their products, and have also set up industry support organizations. Saudi Arabia has also made moves, with its central bank exploring blockchain and its securities regulator awarding the first licenses to fintech firms.
For its part, Singapore was rated as the world’s most attractive center for fintech businesses this year by the Institute for Financial Services Zug of the Lucerne University of Applied Sciences.
Under the new partnership, the DFSA and MAS will refer fintech businesses with one another and will share information about their respective markets. Both regulators also plan to work together on projects exploring technologies including digital and mobile payments, blockchain, and big data, among other areas.
“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,” said Ian Johnston, DFSA’s chief executive, in a statement.
The DFSA already has fintech cooperation agreements in place with the Australian Securities and Investment Commission, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, the Hong Kong Insurance Authority and the Malaysian Securities Commission.
The DFSA and MAS are also both members of the recently established Global Financial Innovation Network, which consists of 12 financial regulators and associated organizations from around the world. The association seeks to collaborate on projects and share experiences regarding financial innovation and to improve financial stability, among other things.