The Dubai Financial Services Authority and the Monetary Authority of Singapore have reached an agreement that provides a set of rules to govern co-operation and referrals between their 'innovation teams.'

Both authorities say that they are determined to develop an environment that supports the sustainable development of financial services through emerging technology. They believe that the agreement will create 'synergies' and greater understanding between the two markets. It centres on a referral mechanism that ought to enable the regulators to refer new software businesses to each other. It also sets out a process to share and use information about innovation in their markets.

Furthermore, the agreement formalises the intensions of both bodies to work on innovative projects together, applying such things as digital and mobile payments, blockchain and distributed ledgers, Big Data, flexible platforms (API), and others.

The DFSA and MAS are both also members of the recently established Global Financial Innovation Network (GFIN), which consists of 12 financial regulators and associated organisations from around the world.

The GFIN builds upon the one-to-one relationships that both regulators have already. For example, the DFSA has FinTech co-operation agreements in place with the Australian Securities and Investment Commission, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, the Hong Kong Insurance Authority, and the Malaysian Securities Commission. The DFSA and the MAS have had a memorandum of understanding in place since 2008 for supervisory co-operation in banking, insurance and capital markets. The UAE, for its part, wants to become "a global hub for innovation."