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Dubai Singapore Fintech Update

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    The Dubai Financial Services Authority (“DFSA”) and Monetary Authority of Singapore (“MAS”) have signed an agreement in August 2018 that allows them to facilitate the sharing of information on financial sector innovation in the Middle East and Far Eastern markets.

    This builds upon the Memorandum of Understanding already in place between the two entities since 2008 and is reflective of the continuing trend of cooperation which we are seeing across the FinTech regulatory sector.

    This increased cooperation is not only serving to bolster market supervision but also boosts a network to enable FinTech companies to extend their global reach. These agreements also serve to assist the FinTech companies in their understanding of the respective regulatory regimes in each jurisdiction.

    This agreement between the DFSA and MAS shows a willingness of the regulators to foster innovation and unlock global opportunities, but it also demonstrates the continuing need for FinTech companies to consider the global regulatory landscape they both operate and aspire to operate in, when developing new products and services.

    FinTech agreements of this nature are common place in Dubai with similar arrangements having been implemented with Hong Kong, Malaysia and Australia in the past two years. Similarly, Singapore has cooperation agreements with India, France and Latin American groups.

    This recent development demonstrates the importance to FinTech companies of the need to be aware of these ever evolving agreements and keep abreast of regulatory changes across the globe. Adopting an international best practice standard to risk management will always help mitigate and minimise risks.

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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