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Hong Kong and Dubai regulators sign fintech cooperation agreement

The Hong Kong Securities and Futures Commission (SFC) has signed a cooperation agreement with the Dubai Financial Services Authority (DFSA) to work together on the "development and application" of financial technology, or fintech.30 Aug 2017

The SFC and DFSA will share information and work together on innovation projects as well as referring firms looking to enter one another's markets, the SFC said.

The agreement follows the launch of a fintech contact point by the SFC in 2016 and the DFSA’s regulatory fintech regime this year.

Ian Johnston, chief executive of the DFSA said: "Providing a regime that fosters innovation in the Dubai International Financial Centre (DIFC) is a strategic priority for us. This agreement with Hong Kong’s SFC deepens cooperation between our two markets and will build a common understanding of the principles of good innovation."

The SFC signed a similar agreement with Australia in June.

In May, the DFSA announced that businesses developing fintech products and services in Dubai have been given the opportunity to operate under a light-touch regulatory regime.

Successful applicants will operate under an innovation testing licence for between six months and a year, or potentially for longer in exceptional cases.

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