The Dubai Financial Services Authority (DFSA) has inked agreements with the Hong Kong Monetary Authority (HKMA) and Hong Kong’s Insurance Authority (IA) to promote innovation in the fintech space in the two markets.
Under the agreement, the watchdogs will refer innovative firms to each other’s markets as well as exchange information. At the same time, the regulators will also explore joint innovation projects.
HKMA executive director (financial infrastructure) Shu-pui Li said: “The Co-operation agreement with DFSA showcases our efforts to work with the international fintech community to facilitate the healthy development of the fintech ecosystem. The HKMA will continue to explore potential collaboration opportunities with other authorities to support the upgrading of our banking system towards the higher level of Smart Banking.”
In August 2017, DFSA signed a similar pact with the Hong Kong Securities and Futures Commission (SFC).
DFSA CEO Ian Johnston added: “The signing of the agreement in fintech is a natural next step to the collaboration we have in regulating traditional financial services.”