The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Astana Financial Services Authority (AFSA) for cross-border legal and regulatory cooperation.

The agreement stems up following close co-operation between the DIFC bodies and the Republic of Kazakhstan to set up the Astana International Financial Centre which has been modelled on the DIFC.

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Under the terms of the partnership, the two watchdogs will work together for the continued development of their legal and regulatory regimes including through information and personnel exchange and training.

DFSA managing director of supervision Bryan Stirewalt said: “We are pleased to enter into an agreement with the Astana Financial Services Authority setting out a framework of cooperation for the continued development of sound and fair financial regulatory mechanisms and capital markets in both our markets. We firmly believe that cooperation between regulators is paramount to creating a more stable financial system.”

AFSA CEO Stephen Glynn said: “The AFSA looks forward to a long and productive relationship with the DFSA. The DFSA lead the development of bespoke international financial centres in the Middle East and has become a model of sound regulatory practice.

“Our vision is to create a regulatory ecosystem equal to the DIFC and other advanced international jurisdictions. Part of our success will be dependent on our ability to share information with our peers so that we can deliver an international standard of regulation.”

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In December last year, the DFSA entered a fintech co-operation agreement with the Hong Kong Monetary Authority (HKMA) and Hong Kong’s Insurance Authority (IA) to promote innovation in the fintech space in the two markets.