DFSA signs fin­tech pacts with Hong Kong bod­ies

Au­thor­i­ties will co­op­er­ate on in­for­ma­tion sharing and re­fer­rals of in­no­va­tive busi­nesses

Gulf News - - Region -

The Dubai Fi­nan­cial Ser­vices Au­thor­ity, DFSA, yes­ter­day signed two co­op­er­a­tion agree­ments with Hong Kong to en­hance col­lab­o­ra­tion in fi­nan­cial tech­nol­ogy (Fin­tech) in­no­va­tion.

The DFSA signed bi­lat­eral agree­ments with Hong Kong’s In­sur­ance Au­thor­ity (IA) and the Hong Kong Mon­e­tary Au­thor­ity (HKMA). Un­der the terms of each agree­ment, the au­thor­i­ties will co­op­er­ate on in­for­ma­tion sharing and re­fer­rals of in­no­va­tive busi­nesses. The agree­ment with the HKMA ex­tends to col­lab­o­rat­ing on joint in­no­va­tion projects.

Ian John­ston, Chief Ex­ec­u­tive of the DFSA, said, “Our agree­ment with theau­thor­i­ties is in­dica­tive of the im­por­tance we place on main­tain­ing a close re­la­tion­ship with Hong Kong’s fi­nan­cial ser­vices reg­u­la­tors. The sign­ing of these agree­ments in Fin­tech is a nat­u­ral next step to the col­lab­o­ra­tion we have in reg­u­lat­ing tra­di­tional fi­nan­cial ser­vices.”

The agree­ments follow the sign­ing of a sim­i­lar co­op­er­a­tion agree­ment be­tween the DFSA and Hong Kong’s Se­cu­ri­ties and Fu­tures Com­mis­sion in Au­gust. It means that the DFSA now has agree­ments in place with all three fi­nan­cial coun­ter­parts in the Spe­cial Ad­min­is­tra­tive Re­gion.

John Le­ung, Chief Ex­ec­u­tive Of­fi­cer of the IA, said, “The IA takes proac­tive steps in strength­en­ing col­lab­o­ra­tion with other ju­ris­dic­tions in Fin­tech de­vel­op­ment. 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 ar­eas.”

Shu-Pui Li, Ex­ec­u­tive Di­rec­tor of the HKMA, said, “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.”

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.