The Securities and Futures Commission (SFC) today entered into a cooperation agreement with the Dubai Financial Services Authority (DFSA) to establish a framework for mutual assistance to keep abreast of the development and application of financial technology (Fintech) (Note 1).

Under the agreement, the SFC and the DFSA will cooperate on information sharing, potential innovation projects and referrals of innovative firms seeking to enter one another’s markets.

“This agreement underscores the SFC’s efforts to strengthen regulatory collaboration and promote innovation in financial services,” said Mr Ashley Alder, the SFC’s Chief Executive Officer. “We look forward to working closely with the DFSA to support Fintech development in both our markets.”

Mr Ian Johnston, Chief Executive of the DFSA, said “providing a regime that fosters innovation in the Dubai International Financial Centre (DIFC) is a strategic priority for us. This agreement with Hong Kong’s SFC deepens cooperation between our two markets and will build a common understanding of the principles of good innovation.”

The agreement follows the launch of the SFC’s Fintech Contact Point (Note 2) in 2016 and the DFSA’s regulatory Fintech regime this year (Note 3).

Notes:

  1. The cooperation agreement is posted in the “SFC Fintech Contact Point – Cooperation agreements” section of the SFC website.
  2. The SFC established its Fintech Contact Point in March 2016 to enhance communication with businesses involved in the development and application of Fintech in Hong Kong, to facilitate the Fintech community’s understanding of the current regulatory regime and to enable the SFC to stay abreast of the development of Fintech.
  3. On 1 August 2017, the DFSA introduced regulations formalising a tailored regime for loan and investment crowdfunding platforms to enhance the efficiency of markets and provide better services and solutions.

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