Dubai Financial Services Authority (DFSA) and Monetary Authority of Singapore (MAS) have entered into a deal to provide cooperation and referrals in the area of emerging financial technology.
Under the deal, which builds on a memorandum signed in 2008, the authorities will refer innovative businesses and share financial technology developments with each other.
They will also work on joint innovation projects in areas such as digital and mobile payments, blockchain, big data and APIs.
“We are pleased to formalise an agreement with MAS to support the growth of innovation in financial services,” said DFSA CEO Ian Johnston.
“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.”
Both organisations are members of the recently established Global Financial Innovation Network, a group of 12 regulators that have committed to conduct joint work in financial innovation, stability, integrity, customer outcomes and inclusion.
Dubai has set a goal of becoming a regional fintech hub through accelerator programmes, an experimental licence regime and a $100m fund.
The emirate also aims to become a leader in bitcoin database technology blockchain through a commitment to use it for all government documents by 2020.