Key Asian and Middle Eastern financial centres have agreed to increased collaboration in financial technology.
The Securities and Futures Commission in Hong Kong (SFC) has entered into a cooperation agreement with the Dubai Financial Services Authority (DFSA).
The twin regulators are to establish a framework for mutual assistance to keep abreast of the development and application of fintech developments.
The Trend
Under the agreement, the SFC and the DFSA will cooperate on information sharing, potential innovation projects and referrals of innovative firms seeking to enter one another’s markets.
«This agreement underscores the SFC’s efforts to strengthen regulatory collaboration and promote innovation in financial services,» said Ashley Alder, the SFC’s chief executive officer.
Earlier this year the Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) signed a Cooperation Agreement (CA) to foster closer cooperation on fintech as did the Australian regulator.
