Dubai and Australia sign fintech agreement

The Dubai Financial Services Authority (DFSA) and the Australian Securities and Investments Commission (ASIC) entered into an agreement that sets out a framework for cooperation on financial technology (FinTech) innovation.

The agreement demonstrates a commitment by both Authorities to provide a regulatory framework that promotes innovation in financial services and regulatory compliance in their respective markets.

The signing took place between Mr Ian Johnston, Chief Executive of the DFSA, and Mr John Price, Commissioner of ASIC, in Melbourne. Under the terms of the agreement, the Authorities will share information on developments in innovation in each market. The agreement also introduces a referral mechanism that enables the Authorities to refer innovative businesses to their respective authorities.

Mr Johnston said: “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.”

John Price, Commissioner, ASIC, 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.”

To read more about the fintech agreement, please click on the link below…

Source: Dubai and Australia sign fintech agreement – Finextra