Dubai and Hong Kong hug for fintech innovation
We fit. (Image source: https://depositphotos.com/)
The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong have entered an agreement to establish a framework of co-operation for fintech innovation.
Both authorities will share information on developments and the agreement “also intends to encourage both regulators to refer innovative firms to one another’s markets and to provide them with regulatory guidance”.
Ian Johnston, chief executive of the DFSA, says it “deepens co-operation between our two markets and will build a common understanding of the principles of good innovation”.
The deal extends their existing relationship and both regulators are signatories to the International Organisation of Securities Commissions (IOSCO) multi-lateral memorandum of understanding (MMoU). They also entered into a bi-lateral MoU in 2008.
In addition to this partnership, DFSA says it has been supporting innovation in the Dubai International Financial Centre (DIFC). In May, DFSA launched its Innovation Testing Licence (ITL), a special class of financial services licence that allows firms to develop and test concepts from the DIFC.
Earlier this month, DIFC’s inaugural FinTech Hive accelerator programme started with the first batch of 11 finalists.
For its part, the SFC established its FinTech Contact Point (FTCP) in March 2016 to enhance communication with businesses involved in fintech development.
It also recently signed similar agreements for innovation with the Australian Securities and Investments Commission (ASIC) and the UK’s Financial Conduct Authority (FCA).
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Deadline for submitting the nominations has been extended to 8 September 2017.
