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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.