We certainly CONTINUOUSLY drive home the point that financial technology innovation is a hugely important category throughout the world. This has been underscored, once again, by a new collaboration on fintech between Dubai and Hong Kong. This reminds us of the “sister cities” tourism collaborations that occurred back in the day. Now these collaborations are technology-centered. Not to start rumors or conspiracy theories, but one has to wonder if this isn’t really an unofficial collaboration of a much larger sort – between China and the United Arab Emirates on financial technology directives. Hmmm…..
The Hong Kong Securities and Futures Commission (SFC) And the Dubai Financial Services Authority (DFSA) have entered a bilateral FinTech agreement toward the development and application of financial technologies.
The Securities and Futures Commission, an independent statutory authority that regulates the securities and futures markets in Hong Kong, one of the world’s major financial hubs, is joining forces with its Dubai counterpart to mutually work toward developing innovative financial technologies. In an announcement, the SFC revealed it entered a cooperation agreement with the DFSA that will see the two authorities establish a framework for ‘mutual assistance to keep abreast of the development and application of financial technology.’
The terms of the agreement will see the DFSA, the independent financial regulator of the Dubai International Financial Center (DIFC) – a financial free zone in Dubai – cooperate with the SFC by sharing information, referring innovative FinTech firms to enter reach other’s markets with regulatory guidance and working on FinTech projects together…
Earlier this year, the DFSA released a consultation paper as a part of its innovation-friendly approach to regulating the FinTech sector, with the ultimate aim of establishing Dubai as a FinTech hub. In May, the DFSA reduced the regulatory barriers for new FinTech startups by granting its Innovation Testing License (ITL), a special class of financial services license that enables new startups to develop and test their concepts at the financial free zone….”
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