Dubai regulators sign fintech agreement with Luxembourg commission
The Dubai Financial Services Authority (DFSA) and the Commission de Surveillance du Secteur Financier (CSSF) Luxembourg have signed a fintech partnership agreement.
According to the two bodies, the new deal reflects efforts by both authorities to “foster innovation” in the Dubai International Financial Centre (DIFC), as well as in Luxembourg.
The authorities will, subject to applicable laws and regulations, share “information about innovations in financial services in their respective markets”, including emerging trends and developments as well as “innovation-related regulatory issues”
The DFSA signed a memorandum of understanding with the CSSF back in 2007, and the new partnership agreement builds on the groundwork laid out by that initial deal.
Related: Dubai neobank readies for launch
“We are proud to be strengthening our relationship with the CSSF. The DFSA and the CSSF are actively engaged in the development of fintech giving the market confidence through fair and proportionate regulation,” says Saeb Eigner, chairman of the DFSA.
The agreement is the DFSA’s eighth, part of an ongoing innovation strategy which aims to make Dubai an international centre for innovation.
Eigner adds: “We firmly believe that cooperation with the CSSF is paramount to creating more stable and innovative financial services. This is testament to our commitment to foster effective agreements with peer regulators across the globe and engage on emerging fintech sectors and issues.”