The Dubai Financial Services Authority (DFSA) and the Australian Securities and Investments Commission (ASIC) had reached an agreement that sets out a way of co-operating on the subject of innovation in financial technology.

The signing took place between Ian Johnston, the CEO of the DFSA, and Mr John Price, The commissioner of ASIC, in Melbourne. In it, the regulators have promised to share information about developments in innovation in each market. The agreement also introduces a referral mechanism that enables the Authorities to refer innovative businesses to their respective authorities.

The DFSA has a long-standing relationship with ASIC which it is now extending to financial technology. Both parties are also looking forward to promoting regualtory technology or RegTech, that subset of fintech that is becoming more and more important. In May, the DFSA created its Innovation Testing Licence, a special class of financial services licence that allows FinTech firms to develop and test innovative FinTech concepts in or from the DIFC. The DFSA, meanwhile, has opened its FinTech Hive, whose job is to introduce the next generation of leaders and entrepreneurs to each other, the better to catalyse growth and efficiency in alternative finance and Shariah-based services, amongst other things.