The Dubai Financial Services Authority has deepened ties with regulators in Hong Kong by signing two co-operative agreements regarding innovation in financial technology (FinTech).

The DFSA signed the agreements with Hong Kong’s Insurance Authority and the Hong Kong Monetary Authority. Under the terms of each agreement, the authorities will share information and refer items of IT-related businesses to one another. The agreement with the HKMA extends to collaboration on joint projects.

Mr Ian Johnston, Chief Executive of the DFSA, said: “Our Agreement with the authorities in Hong Kong is indicative of the importance we place on maintaining a close relationship with Hong Kong’s financial services regulators. The signing of these agreements in FinTech is a natural next step to the collaboration we have in regulating traditional financial services.”

The agreements follow the signing of a similar co-operative agreement between the DFSA and Hong Kong’s Securities and Futures Commission in August. The DFSA now has agreements in place with all three financial counterparts in the quasi-autonomous Chinese territory.

Mr John Leung, the chief executive officer of the IA, revealed that his regulatory organisation had not yet signed any similar co-operative agreements with insurance regulators in other jurisdictions.