What has happened?
The Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) have signed a FinTech agreement to allow referrals of innovative businesses between the two authorities.
What does this mean?
In a press release, MAS said that the agreement will help support the development of FinTech and innovation to deliver new and enhanced financial services to manage risks better, reduce costs and increase efficiency.
The agreement centres around a referral mechanism under which the authorities will be able to refer FinTech companies to each other, as well as facilitate the sharing of information on financial sector innovation.
MAS and DFSA will also work on joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data and application programming interfaces (APIs).
Ian Johnston, Chief Executive at the DFSA, said, “Co-operation 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.”
In 2008, MAS and the DFSA signed a memorandum of understanding, which aims to fosters supervisory co-operation in banking, insurance and capital markets.
It also facilitates the exchange of information for supervisory purposes between the two authorities.