The Monetary Authority of Singapore (MAS) has signed an agreement with the Dubai Financial Services Authority (DFSA) to strengthen fintech partnership and support financial sector operations.

The agreement encompasses devising a framework to manage risks, costs and enhance efficiency in the industry.

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DFSA chief executive Ian Johnston 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.”

The scope of the agreement includes a referral mechanism under which both the authorities can refer promising entities to each other, supporting their growth.

The agreement will also encourage information and technological exchange on financial sector.

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Both the regulators also agreed to work together on multiple key technologies including digital payments, blockchain, Application Programming Interfaces (APIs) and distributed ledgers, as a part of the fintech partnership.

MAS chief fintech officer Sopnendu Mohanty 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 new opportunities and grow the FinTech landscape.”

This new fintech partnership agreement builds upon the memorandum of understanding (MoU) between MAS and DFSA in 2008.