Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong signed a cooperation agreement this week to further develop financial technology (fintech) in their respective markets.
Innovative applications for financial technology are in a rapid growth stage and the agreement is intended to help both authorities to develop both their ideas and innovation ecosystem.
In signing the agreement in Hong Kong, DFSA Chief Executive, Ian Johnston and Ashley Alder, chief executive of Hong Kong’s SFC, intend to share information on the most current disruptors and developments within their markets, including details of fintech firms and the regulatory implications of new-to-market innovations.
Explaining the importance of the agreement, Johnston said: “Providing a regime that fosters innovation in the Dubai International Financial Centre (DIFC), is a strategic priority for us. This agreement with Hong Kong’s SFC deepens cooperation between our two markets and will build a common understanding of the principles of good innovation.”
Echoing the sentiment, Alder explained: “This agreement underscores the SFC’s efforts to strengthen regulatory collaboration and promote innovation in financial services," adding that the Securities and Futures Commission in Hong Kong looks forward to working closely with the DFSA to support FinTech development in both of their markets.
The agreement falls in line with DFSA’s existing trajectory of fostering an innovation culture within DIFC. In May of 2017, DFSA launched its Innovation Testing Licence (ITL) to facilitate FinTech companies to Reflecting the energetic and entrepreneurial environment of Dubai, FinTech Hive at DIFC links global innovation across three other FinTech hubs, in New York, London and Hong Kong.
Prior to this, the FinTech Hive was launched to develop and test innovative FinTech concepts, as well as providing the launchpad to access and serve the growing needs of the region’s financial industry from DIFC.
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