The agreement provides a framework for further co-operation between the two authorities on regulation, policy and trends in financial services and markets
The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Thai Securities and Exchange Commission (SEC).
The agreement aims to promote open dialogue on technology-enabled innovation in financial services, including fintech and regulatory technology (RegTech). It also provides a framework for further co-operation between the two authorities on regulation, policy and trends in financial services and markets, official news agency WAM reported.
The MoU was signed by Ian Johnston, chief executive officer of DFSA, and Ruevadee Suwanmonkol, secretary-general of SEC.
The financial services sector is witnessing unprecedented development, Johnston said, noting that regulatory authorities should be keen to exchange knowledge, to keep pace with the latest innovations in the markets.
The strategic partnership between the two sides has created a solid foundation for strengthening their bilateral cooperation in emerging technologies, he added.
The MoU’s signing highlights the commission’s keenness to enhance its relations with pioneering regulatory authorities, including DFSA, SEC’s Suwanmongkol added.
In April, DFSA launched its regulatory regime for ‘whistleblowing’, the first of its kind to be introduced by a financial service regulator in the UAE.
It applied to all DFSA regulated entities operating in or from the Dubai International Financial Centre.
DFSA also inked an MoU with the Central Bank of the Republic of Mauritius this year to cooperate on the performance of their respective regulatory functions.
In February, it also signed an MoU with India’s IFSCA to set a framework for mutual assistance and exchange of information in areas, including money laundering and terrorism financing.
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