SFC & DFSA sign FinTech cooperation agreement
Written by Chris Lemmon
The Securities and Futures Commission (SFC) in Hong Kong has entered into a co-operation agreement with the Dubai Financial Services Authority (DFSA) to establish a framework for mutual assistance in the development and application of FinTech.
Under the agreement, the SFC and the DFSA will cooperate on information sharing, potential innovation projects and referrals of innovative firms seeking to enter one another’s markets.
Ashley Alder, chief executive officer of the SFC, said: “This agreement underscores the SFC’s efforts to strengthen regulatory collaboration and promote innovation in financial services. We look forward to working closely with the DFSA to support Fintech development in both our markets.”
Ian Johnston, chief executive of the DFSA, added: “Providing a regime that fosters innovation in the Dubai International Financial Centre (DIFC) is a strategic priority for us. This agreement with Hong Kong’s SFC deepens cooperation between our two markets and will build a common understanding of the principles of good innovation.”
The agreement follows the launch of the SFC’s Fintech Contact Point – an organisation to enhance communication between businesses involved in the development and application of FinTech in Hong Kong – in 2016 and the DFSA’s regulatory FinTech regime this year.