The Dubai Financial Services Authority (DFSA) and the Malaysia’s Securities Commission signed an agreement on cooperation in fintech innovation.
The watchdogs would exchange information on developments and advancements in the industry. In addition to that, the partners would also consider some joint fintech initiatives. According to Ian Johnston, the chief executive of the DFS, the partnership would be mutually beneficial, especially in the light of Islamic Finance and fintech:
By collaborating with the SC, we will further strengthen our FinTech proposition across traditional and Islamic finance markets.
That is not the first collaboration between the two watchdogs. In 2007, they teamed up to ensure the cross-border distribution and marketing of Islamic funds between Malaysia and the DIFC. A year before that, they signed an agreement to facilitate Islamic finance transactions across the DIFC and Malaysia.