Fintech alliance round-up: 23 November 2017
It’s that time again where alliances are formed and friendships are made in our latest co-operative filled round-up. Featuring the Monetary Authority of Singapore, Abu Dhabi Global Market, Dubai Financial Services Authority, Australian Securities and Investments Commission, and Iran and Malaysia planning to establish banking ties.
The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have signed a memorandum of understanding (MoU) in order to “strengthen” their supervision of cross-border operations of banking institutions.
With a shared objective, MAS and the Financial Services Regulatory Authority (FSRA) of ADGM will build on their existing co-operation framework, creating and facilitating more cross-border business, growth and investment opportunities to banks, financial markets and others within the fintech industry. The MoU agreement will promote regulatory and supervisory co-operation between the two authorities.
Meanwhile, not to be left out, the Dubai Financial Services Authority (DFSA) and the Australian Securities and Investments Commission (ASIC) also signed an agreement providing a framework for co-operation to support and understand financial innovation in each sector. Recognising the “importance” of regulatory technology (regtech), part of the agreement also provides a framework for information sharing between the two regulators.
Dubai has been busy recently with a number of programmes to encourage innovation, including the option for firms to apply for the DFSA’s Innovation Testing Licence to test products, services and business models within a “flexible” regulatory environment. This will enable the DFSA and ASIC to refer fintech businesses to each other for support.
Finally, there is promise for banks in Iran and Malaysia. According to a Farsi report by the Mehr News Agency, Iranian minister of information and communications technology, Mohammad Javad Azari Jahromi, recently visited Malaysia to hold talks on establishing direct banking communication between the two countries.
While there are no specific details, during discussions in the current Iran-Malaysia joint economic commission, Azari Jahromi did explain: “we are going to hold talks with the Malaysian officials on ways to establish direct banking ties on the sidelines”.