Financial authorities from the two countries have agreed to work on projects on the application of blockchain and distributed ledgers, big data, application programing interfaces, and digital and mobile payments.
The Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS) have penned an agreement that allows them to refer innovative financial technology (FinTech) companies between the two authorities, it was announced on Wednesday.
The agreement centres on a referral mechanism that – in addition to referrals – is designed to help facilitate the sharing of information on financial sector innovation in the Middle East and Far Eastern markets.
Additionally, both authorities agreed to work on projects on the application of blockchain and distributed ledgers, big data, application programing interfaces, and digital and mobile payments.
“We are pleased to formalise an agreement with MAS to support the growth of innovation in financial services,” said Ian Johnson, DFSA’s chief executive. “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.”
Sopnendu Mohanty, the Chief FinTech Officer at MAS, said that “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,” he added.
The agreements builds on a previous Memorandum of Understanding (MoU) between the two entities that was signed in 2008 which was meant to foster cooperation in banking, insurance and capital markets, and facilitates the exchange of information for supervisory purposes.