Dubai, Singapore Financial Regulators Agree Collaboration on Fintech

Published on 30 August 2018 by Cryptovest Staff

The financial regulators of Dubai and Singapore have partnered to support each other in implementing innovative financial technologies.

The Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS) have entered into an agreement that will see their respective innovation teams work together in the area of fintech. Under the deal, the institutions will ensure the creation of an environment that supports the development of financial services via innovative technologies, including blockchain.

DFSA chief executive Ian Johnston commented:

“We are pleased to formalize an agreement with MAS to support the growth of innovation in financial services. Cooperation between MAS and the DFSA will help create synergies and greater understanding between our two markets and will enable FinTech firms to extend their reach globally.”

MAS chief fintech officer Sopnendu Mohanty added:

“The rising FinTech boom in the Middle East creates new opportunities for the region and beyond. Through this FinTech cooperation with DFSA, we look forward to closer interactions between our markets, and for FinTech firms in Singapore to capture these new opportunities and grow the FinTech landscape.”

Both Dubai and Singapore are considered blockchain-friendly territories, with Dubai aiming to have the world’s first government powered by blockchain. For its part, MAS is backing a massive blockchain initiative called Project Ubin.