Dubai's DFSA partners Luxembourg regulator for Fintech innovations

The Dubai Financial Services Authority (DFSA) and the Commission de Surveillance du Secteur Financier (CSSF) Luxembourg have made an agreement to work cooperatively to develop Fintech-related platforms.

The cooperation framework reflects efforts by both authorities to foster innovation in the Dubai International Financial Centre (DIFC), as well as in Luxembourg.

Under the latest agreement, the two regulators agreed to collaborate to support innovation initiatives in the Dubai International Financial Centre (DIFC) and Luxembourg. They also agreed to exchange information on financial services innovation and innovation-related regulatory issues in each other's jurisdiction.

Additionally, DFSA and CSSF will refer innovative business to each other and offer regulatory support.
The agreement between the two authorities was signed by Saeb Eigner, chairman at the DFSA, and Claude Marx, director general at the CSSF in Luxembourg.

DFSA chairman Saeb Eigner said: "The DFSA and the CSSF are actively engaged in the development of Fintech giving the market confidence through fair and proportionate regulation. 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."

This latest cooperation is the DFSA's eighth FinTech agreement and forms part of the authority's innovation strategy to make the UAE a global hub for innovation.

Earlier, the Dubai regulator entered into similar agreements with Japan's FSA and Singapore's MAS, among others.

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Source: International Investment