The Monetary Authority of Singapore and the Dubai Financial Services Authority sign fintech agreement

The Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) have signed a fintech agreement that allows referrals of innovative businesses between the two authorities. The agreement reflects the commitment of both authorities to support the continuous development of fintech and innovation to deliver new and enhanced financial services to manage risks better, reduce costs, and increase efficiency.

The agreement centres on a referral mechanism which will enable the authorities to refer fintech companies to each other, as well as facilitate the sharing of information on financial sector innovation in their respective markets. Both authorities have also agreed to 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, “We are pleased to formalise an agreement with MAS to support the growth of innovation in financial services. 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, Chief FinTech Officer at MAS said, “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 n ew opportunities and grow the fintech landscape.”

DFSA and MAS have been partners since 2008, when they signed a memorandum of understanding to foster supervisory cooperation in banking, insurance and capital markets. The earlier agreement also facilitates the exchange of information for supervisory purposes between the two authorities.