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With its continued efforts to encourage the adoption of technological advancements in the market, the Dubai Financial Services Authority (DFSA) yesterday, entered into an Exchange of Letters with the Financial Services Agency, FSA, of Japan to cooperate in the development of financial technology (FinTech).
The cooperation framework reflects the efforts of both authorities to foster innovation in the Dubai International Financial Centre, DIFC, as well as in Japan.
The agreement was signed by Ian Johnston, Chief Executive of the DFSA, and Toshihide Endo, Commissioner at Japan’s FSA. Under the terms, and given the global nature of innovation in financial services, the authorities will share information on developments in FinTech and ensure the efficient entry of financial innovators into the respective markets.
Johnston said, "We are very pleased to strengthen our long-established collaboration with Japan’s FSA and to enhance our cooperation on matters related to innovation in financial services. This is a testament to our commitment to foster effective agreements with peer regulators across the globe, engaging on emerging FinTech topics. We look forward to working with Japan’s FSA to develop our FinTech proposition and contribute to the efficiency and further enhancements of our respective financial markets. This step aligns seamlessly with the National Innovation Strategy to make the UAE a global hub for innovation, as set out by the Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum."
The purpose of this cooperation is to provide a regulatory framework for discussion and a referral mechanism, which will enable the authorities to refer financial innovators to their respective innovation functions. It also enumerates how the authorities plan to share and use relevant information in their respective markets.
A series of other initiatives took place in Japan during the same week to support FinTech developments. A delegation of senior DFSA executives, led by Peter Smith, Managing Director, Policy and Strategy, met with FSA counterparts in Tokyo to initiate collaboration between the DFSA and Japan’s FSA on FinTech and crypto-asset developments. The visit also included participation in FIN/SUM, the largest FinTech summit in Japan, connecting the global financial and technology industries and promoting disruptive innovation across the globe. Smith also spoke on international cooperation in the oversight of crypto-assets at a roundtable co-hosted by the FSA and by the International Organization of Securities Commissions, IOSCO.
The DFSA has consistently been advocating regulatory collaboration, as illustrated by the wide network of agreements so far put in place with other international financial regulators in relation to FinTech, namely, the Australian Securities and Investment Commission, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, the Hong Kong Insurance Authority, and the Malaysian Securities Commission among others.
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