Fintech Co-operation between the Hong Kong Monetary Authority and the Dubai Financial Services Authority

Fintech Co-operation between the Hong Kong Monetary Authority and the Dubai Financial Services Authority

The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) of Dubai International Financial Centre entered into a Co-operation Agreement today (7 December 2017) to step up fintech collaboration between the two authorities, with a view to facilitating financial innovation in the two jurisdictions.

The Co-operation Agreement was signed by Mr Shu-pui Li, Executive Director (Financial Infrastructure) of the HKMA, and Mr Ian Johnston, Chief Executive of the DFSA, in Hong Kong today. According to the Co-operation Agreement, the two authorities will collaborate on referrals of innovative businesses, information sharing and joint innovation projects.

Mr Li said, “The Co-operation agreement with DFSA showcases our efforts to work with the international fintech community to facilitate the healthy development of the fintech ecosystem. The HKMA will continue to explore potential collaboration opportunities with other authorities to support the upgrading of our banking system towards the higher level of Smart Banking.”

Mr Johnston said, “Our Agreement with the HKMA is indicative of the importance we place on maintaining a close relationship with Hong Kong’s financial services regulator. The signing of the agreement in fintech is a natural next step to the collaboration we have in regulating traditional financial services.”

Hong Kong Monetary Authority
7 December 2017

About the Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) is the government authority in Hong Kong responsible for maintaining monetary and banking stability. It was established in April 1993 by merging the Office of the Exchange Fund and the Office of the Commissioner of Banking.

The HKMA’s policy objectives are:

  • to maintain currency stability within the framework of the Linked Exchange Rate System;
  • to promote the stability and integrity of the financial system, including the banking system;
  • to help maintain Hong Kong’s status as an international financial centre, including the maintenance and development of Hong Kong's financial infrastructure; and
  • to manage the Exchange Fund.

About the Dubai Financial Services Authority
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai. The DFSA’s regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for supervising and enforcing Anti-Money Laundering and Combating the Financing of Terrorism requirements applicable in the DIFC. The DFSA has also accepted a delegation of powers from the DIFC Registrar of Companies to investigate the affairs of DIFC companies and partnerships.