DFSA and ASIC sign FinTech agreement
The Dubai Financial Services Authority (DFSA) and the Australian Securities and Investments Commission (ASIC) entered into an agreement today that sets out a framework for cooperation on financial technology (FinTech) innovation. The agreement demonstrates a commitment by both Authorities to provide a regulatory framework that promotes innovation in financial services and regulatory compliance in their respective markets.
The signing took place between Mr Ian Johnston, Chief Executive of the DFSA, and Mr John Price, Commissioner of ASIC, in Melbourne. Under the terms of the agreement, the Authorities will share information on developments in innovation in each market. The agreement also introduces a referral mechanism that enables the Authorities to refer innovative businesses to their respective authorities.