The financial regulators of Hong Kong and Dubai have signed agreements to deepen collaboration between their financial technology (fintech) sectors.
The Dubai Financial Services Authority (DFSA) has signed bilateral agreements with both the Hong Kong Insurance Authority (IA) and the Hong Kong Monetary Authority (HKMA). Both agreements serve to strengthen the relationship between the regulators of both markets.
Each organisation will also share information and referrals of innovative businesses, said a statement by the DFSA.
In August, the DFSA and Hong Kong’s Securities and Futures Commission signed a similar cooperation agreement. With the signing of the two recent agreements, the DFSA now has agreements with all three of Hong Kong’s financial regulators.
“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,” Ian Johnston, chief executive of the DFSA, commented. “The signing of these agreements in fintech is a natural next step to the collaboration we have in regulating traditional financial services.”
John Leung, chief executive officer of the IA, said: “The agreement with DFSA signifies closer cooperation between the two authorities in fostering and creating business opportunities for fintech firms on a global reach. The IA will consider signing similar cooperation agreements with insurance regulators in other jurisdictions.”
Added Shu-Pui Li, executive director of the HKMA: “The cooperation agreement with DFSA showcases our efforts to work with the international fintech community to facilitate the healthy development of the fintech ecosystem. The HKMA will continue to explore potential collaboration opportunities with other authorities to support the upgrading of our banking system towards the higher level of smart banking.”
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