The Dubai Financial Services Authority (DFSA) said it has entered into an agreement with the Commission de Surveillance du Secteur Financier (CSSF) Luxembourg to boost cooperation in the development of FinTech.
The co-operation framework reflects efforts by both authorities to foster innovation in the Dubai International Financial Centre (DIFC), as well as in Luxembourg.
The agreement was signed by Saeb Eigner, the chairman of the DFSA, and Claude Marx, the director general of the CSSF in Luxembourg.
Under the terms of the agreement, the authorities would be sharing information about innovations in financial services in their respective markets, including emerging trends and developments as well as innovation-related regulatory issues.
It provides a framework for co-operation and referrals between each authority. It also sets out a mechanism, which will enable the authorities to refer innovator businesses between their respective Innovation Functions and provide them with regulatory support.
The agreement builds on the DFSA’s existing agreement with the CSSF signed in 2007.
On the deal, Eigner said: "We are proud to be strengthening our relationship with the CSSF. The DFSA and the CSSF are actively engaged in the development of FinTech giving the market confidence through fair and proportionate regulation."
"We firmly believe that cooperation with the CSSF is paramount to creating more stable and innovative financial services. This is testament to our commitment to foster effective agreements with peer regulators across the globe and engage on emerging FinTech sectors and issues," state the top official.
"We look forward to working with the CSSF to develop our FinTech proposition and contribute to the efficiency and further enhancements of our respective financial markets," he added.-TradeArabia News Service