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Hong Kong's SFC, Dubai Financial Services Authority enter fintech agreement

The Dubai Financial Services Authority (DFSA) has inked an agreement with the Hong Kong’s Securities and Futures Commission (SFC) to establish a framework of cooperation on fintech innovation.

Under the terms of the agreement, both authorities will share information on developments and innovations in fintech in their respective markets, as well as refer innovative firms to one another’s markets and provide them with regulatory guidance. The agreement is expected to advance the efforts of both authorities to develop an innovations-friendly ecosystem in their respective markets.

“This agreement underscores the SFC’s efforts to strengthen regulatory collaboration and promote innovation in financial services," said Ashley Alder, the SFC’s Chief Executive Officer. “We look forward to working closely with the DFSA to support Fintech development in both our markets.”

The agreement extends the existing relationship between the SFC and the DFSA. They are signatories to the IOSCO Multi-lateral Memorandum of Understanding (MMoU) as well as entered into a bi-lateral MoU in 2008.

“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,” Ian Johnston, Chief Executive of the DFSA, said.

The DFSA has been making efforts to support firms engaging in fintech innovation. Earlier this year, it launched its Innovation Testing Licence (ITL), a special class of financial services license that allows FinTech firms to develop and test innovative FinTech concepts from the DIFC.

The SFC, on the other hand, established the FinTech Contact Point (FTCP) in March 2016 to enhance communication with businesses involved in the development and application of fintech and regulatory technology in Hong Kong.

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