Dubai and Singapore have entered an agreement to accelerate fintech development in both countries through cooperation.
The Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) have agreed to develop an environment that supports the sustainable development of financial services through emerging technology.
Centred on a referral mechanism which will enable the authorities to refer innovator businesses between their respective innovation functions, the agreement also sets out a process to share and use information on innovation in each market.
Dubai and Singapore will also work on joint innovation projects involving key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (API), and other areas of new technologies
"We are pleased to formalise an agreement with MAS to support the growth of innovation in financial services," said the DFSA’s Chief Executive, Ian Johnston. "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."
The DFSA and MAS are both also members of the recently established Global Financial Innovation Network (GFIN), which consists of 12 financial regulators and associated organisations from around the world.