The financial regulator Dubai financial services authority (DFSA) signed with their counterparts from the Monetary authority of Singapore (MAS) an agreement to increase the scope of cooperation in the field of financial technology, according to BTC-manager.
Both the Supervisory body is engaged in projects in the field of blockchain technology, big data and cryptocurrencies. In the recent past, the Gulf countries have started to look into the field of Finance against the background of slowing economic growth and liquidity problems. Regulators in Bahrain and the UAE have developed legislation allowing FINTECH companies to test their products with the support of government departments.
Although Saudi Arabia completely ban the cryptocurrency, it has begun to explore blockchain technology, and a regulator of the turnover of securities in the Kingdom began to issue licenses to companies in the financial technology sector.
Singapore has already made significant progress on the way to becoming the Central hub for the cryptocurrency. In 2018, the state was mentioned as the most attractive to FINTECH-sector center, Institute of financial services Zug, University of Lucerne in Switzerland.
However, Singapore has exercised reasonable care: the law of the country encourages the growth and development of the industry, impeding the attackers. This is the art which the Republic should learn from the Gulf monarchies. Given that both city-States are centers of influence in the global economy, it is logical that they become partners in exploring new areas.
Jointly by the DFSA and MAS will help FINTECH companies to cooperate, sharing information about markets. The two offices also intend to implement projects in the field of big data, blockchain technology and mobile payments. Now each of these technologies occupies a separate niche, but regulators seek to combine them into public and private spheres.
The partners intend to increase financial and technological literacy and introduce FINTECH applications in all sectors of the economy. While the world is moving towards global cryptococcoma, cooperation of regulators in countries with similar economies is a natural step of the way.