The latest compliance issues in wealth management across Asia-Pacific.

MAS, DFSA
The Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) have signed a fintech agreement.

The two watchdogs have committed to support the continuous development of fintech and innovation to deliver new and enhanced financial services to manage risks better, reduce costs, and increase efficiency.

The agreement will enable the authorities to refer fintech companies to each other, as well as facilitating sharing information on financial sector innovation in their respective markets. They have also agreed to work on joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, and Application Programming Interfaces (APIs).

The collaboration in fintech builds on the long-standing relationship between the DFSA and MAS, who entered into a Memorandum of Understanding (MOU) in 2008. The MOU fosters supervisory cooperation in banking, insurance and capital markets.