FinTech agreement between Dubai and Singapore develops international regulatory co-operation

The Dubai Financial Services Authority (DFSA) and the Singapore Monetary Authority (MAS) have announced that they have entered into an agreement to promote the regulation of innovative businesses.  The agreement allows referrals of FinTech firms between the two authorities, provides a framework for  sharing information on innovation, and also records a commitment to collaborate on joint innovation projects on the application of developing technologies such as digital and mobile payments, blockchain and Big Data.

This development is part of a global trend towards international co-operation between regulators in the FinTech space.  It follows the FCA’s consultation earlier this year on the creation of a global sandbox, to facilitate the testing of innovative financial products in multiple jurisdictions.