Dubai boosts financial ties with Asia

BOOSTING TIES: The DFSA has signed memoranda of understanding with its counterparts in China and Singapore. (Getty Images)

Dubai's financial regulator said on Wednesday it has signed agreements with its counterparts in China and Singapore aimed at boosting financial ties between the countries.

The Dubai Financial Services Authority (DFSA) said it has signed memoranda of understanding with the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS) outlining their commitment to information sharing and cooperation.

The DFSA is the financial regulator of the Dubai International Financial Centre (DIFC).

"Dubai’s strong trading relationship with China is quickly extending to the financial services sector. The establishment of Chinese banks and securities firms within the DIFC will be further accelerated now that the DFSA has MoU arrangements with both national regulators in China," DFSA CEO David Knott said in a statement.

"Singapore, like Dubai, is a great international financial centre with a well established and credible regulatory system. By forming this new relationship with MAS we will facilitate capital flows between our two financial hubs.”

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