Hong Kong’s Securities and Futures Commission (SFC) and the Dubai Financial Services Authority (DFSA) have signed a collaboration agreement with the intention of establishing a symbiotic framework regarding financial technological solutions.
The said framework will keep the two financial authorities updated on developments occurring in the fintech field and their applications. The Hong Kong and Dubai-based regulators will cooperate by exchanging information, working side by side on potentially innovative projects, and sharing referrals of fintech companies that may consider crossing into one another’s jurisdicitions.
Ashley Alder, Chief Executive Officer of the SFC, commented on the cooperation agreement, saying that the regulatory authority recognizes the potential of a collaboration of this nature: “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 at the DFSA, added that this is an opportune moment that not only enhances Dubai’s connection to the fintech industry, but also to the financial markets in Hong Kong: “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.”
Last week, the SFC signed a Memorandum of Understanding (MoU) with the Hong Kong police in order to enhance cooperation between the two parties regarding financial crime.