Singapore inks deal with Dubai to bolster fintech ties

They will implement joint projects involving digital and mobile payments and blockchain.

The Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) have signed a FinTech Agreement that allows referrals of innovative businesses between the two authorities, an announcement revealed.

Focusing on its referral mechanism, the agreement will allow authorities to refer FinTech firms to each other and to facilitate the sharing of information on financial sector innovation in their respective markets.

Moreover, both authorities will work on joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, and Application Programming Interfaces (APIs).

“The rising fintech boom in the Middle East creates new opportunities for the region and beyond,” MAS chief fintech officer Sopnendu Mohanty said. “Through this fintech cooperation with DFSA, we look forward to closer interactions between our markets, and for FinTech firms in Singapore to capture these new opportunities and grow the FinTech landscape.”

In 2008, both parties also entered a memorandum of understanding (MOU) to step up supervisory cooperation in banking, insurance and capital markets.