The Dubai Financial Services Authority (DFSA) has 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.

As per the agreement, the watchdogs will refer innovative firms to each other’s markets besides exchanging information.

Additionally, the regulators have agreed to explore joint innovation projects.

Commenting on the alliance, HKMA executive director (financial infrastructure) Shu-pui Li said: “The Co-operation agreement with DFSA showcases our efforts to work with the international fintech community to facilitate the healthy development of the fintech ecosystem.

“The HKMA will continue to explore potential collaboration opportunities with other authorities to support the upgrading of our banking system towards the higher level of Smart Banking.”

DFSA CEO Ian Johnston added: “The signing of the agreement in fintech is a natural next step to the collaboration we have in regulating traditional financial services.”