The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong signed a memorandum of understanding (Mou) to “strengthen the efforts of both authorities to develop an innovation-friendly ecosystem in their respective markets”, the authorities said in a joint statement.
The signing took place between Ian Johnston, chief executive of the DFSA, and Ashley Alder, his counterpart at the SFC in Hong Kong.
Under the agreement, both authorities will “share information on developments and innovations in fintech in their respective markets,” the statement said.
The agreement also intends to encourage both regulators to refer innovative firms to one another’s markets and to provide them with regulatory guidance.
“The agreement with Hong Kong's SFC deepens cooperation between our two markets and will build a common understanding of the principles of good innovation,” Johnston said.
The agreement extends the existing relationship between the SFC and the DFSA with a joint commitment to maintaining the highest standards of cooperation by “underscoring the SFC's efforts to strengthen regulatory collaboration and promote innovation in financial services,” Alder added.
Both regulators are signatories to the IOSCO multi-lateral MoU. They also entered into a bilateral MoU in 2008.