Dubai and Australia in FinTech cooperation pact
Written by Chris Lemmon
The Dubai Financial Services Authority (DFSA) and the Australian Securities and Investments Commission (ASIC) have signed an agreement which provides a framework for cooperation to support and understand financial innovation between the two countries.
The agreement will enable the DFSA and ASIC to refer innovative FinTech businesses to each other for support provided through their respective FinTech functions. It provides Australian FinTech businesses wishing to operate in the Dubai International Finance centre with a simple pathway for engaging with DFSA, and vice versa.
The agreement also provides a framework for information sharing between the two regulators. The deal also specifically outlines that ASIC and the DFSA intend to deepen their partnership by sharing information on RegTech trials.
John Price, ASIC commissioner, said: “'We are excited to partner with the DFSA to help encourage FinTech innovation in Australia and Dubai. RegTech is becoming more and more important – this is a new frontier in our bilateral cooperation that will benefit both regulators and businesses.”
Ian Johnston, chief executive of the DFSA, added: “'Today’s agreement underscores our commitment to maintaining strong channels of communication with our regulatory peers and creates a regulatory framework that supports the latest developments in FinTech innovation. We have a long-standing productive relationship with our colleagues at ASIC, which we look forward to extending to this fast-developing industry.”