Dubai, Singapore Financial Regulators Agree Collaboration on Fintech

The Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS) have entered into an agreement that will see their respective innovation teams work together in the area of fintech. Under the deal, the institutions will ensure the creation of an environment that supports the development of financial services via innovative technologies, including blockchain.

The deal focuses on a scheme which will allow the regulators to refer fintech businesses between each other and share data on innovation in their respective markets. The agreement also touches upon the plans of both authorities to collaborate on innovation projects related to the implementation of technologies such as blockchain, Big Data, digital and mobile payments, flexible platforms (based on APIs), and other emerging technologies.

DFSA chief executive Ian Johnston commented:

“We are pleased to formalize an agreement with MAS to support the growth of innovation in financial services. 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.”

MAS chief fintech officer Sopnendu Mohanty added:

“The rising FinTech boom in the Middle East creates new opportunities for the region and beyond. Through this FinTech cooperation with DFSA, we look forward to closer interactions between our markets, and for FinTech firms in Singapore to capture these new opportunities and grow the FinTech landscape.”

Both DFSA and MAS are members of the Global Financial Innovation Network (GFIN), a new association uniting 12 financial regulators from around the world. The GFIN aims to carry out joint projects and share information on financial innovation, thus supporting financial stability, integrity, and inclusion. The organization features regulators from Hong Kong, Australia, and the UK.

Both Dubai and Singapore are considered blockchain-friendly territories, with Dubai aiming to have the world’s first government powered by blockchain. For its part, MAS is backing a massive blockchain initiative called Project Ubin.