The Dubai Financial Services Authority (DFSA), the financial regulator of the special economic zone in the city, has signed another pact to boost fintech innovation.
DFSA joined forces with the Commission de Surveillance du Secteur Financier (CSSF) Luxembourg to support the development of fintech technologies.
The latest pact follows an agreement struck between the two regulators in 2007.
Under the latest agreement, the two regulators agreed to collaborate to support innovation initiatives in the Dubai International Financial Centre (DIFC) and Luxembourg.
They also agreed to exchange information on financial services innovation and innovation-related regulatory issues in each other’s jurisdiction.
Additionally, DFSA and CSSF will refer innovative business to each other and offer regulatory support.
DFSA chairman Saeb Eigner said: “The DFSA and the CSSF are actively engaged in the development of FinTech giving the market confidence through fair and proportionate regulation.
“We firmly believe that cooperation with the CSSF is paramount to creating more stable and innovative financial services.
“This is testament to our commitment to foster effective agreements with peer regulators across the globe and engage on emerging fintech sectors and issues.”
This agreement represents DFSA’s eighth fintech pact aligned with its innovation strategy.
DFSA regulates financial services conducted in or from the DIFC, a financial free-zone in Dubai.
The regulatory purview encompasses asset management, banking and credit services, insurance, investment funds, securities and others.