Financial regulators in Dubai and Hong Kong have agreed to
cooperate to help innovative financial technology (fintech)
businesses to grow.
Under the terms of the agreements struck by the Dubai Financial
Services Authority (DFSA) with the Hong Kong's Insurance
Authority (IA) and the Hong Kong Monetary Authority (HKMA), the
regulators have agreed to refer fintech businesses to one another
where they wish to expand into the other jurisdiction.
The DFSA will also exchange information on fintech issues with
both the IA and HKMA.
The DFSA signed a similar agreement with Hong Kong's Securities
and Futures Commission in the summer.
Ian Johnston, chief executive of the DFSA, said: "Our
agreement with the authorities in Hong Kong is indicative of the
importance we place on maintaining a close relationship with Hong
Kong's financial services regulators. The signing of these
agreements in fintech is a natural next step to the collaboration
we have in regulating
