The Dubai Financial Services Authority (DFSA) and the Australian Securities and Investment Commission (ASIC) will work together on a joint framework toward FinTech innovation. The framework will reduce the burden for industry startups and businesses to enter each other’s markets, promoted by the authorities for regulatory compliance.
[The] agreement underscores our commitment to maintaining strong channels of communication with our regulatory peers and creates a regulatory framework that supports the latest developments in FinTech innovation.
Chief Executive, DFSA
The terms of the agreement also empowers the two authorities to share information on innovative FinTech developments to each other. Special attention is given to regulatory technology (RegTech) with trials expected to occur between the regulators.
This is the ninth fintech referral agreement ASIC has entered into, following on from agreements with the United Kingdom, Singapore, Ontario, Hong Kong, Japan, Malaysia, Abu Dhabi and Switzerland.