Dubai’s DFSA, Luxembourg financial regulator sign agreement

Dubai Financial Services Authority (DFSA), and the Commission de Surveillance du Secteur Financier (CSSF) Luxembourg, have signed an agreement to collaborate on fintech development.

The agreement, building on DFSA’s existing MoU with the CSSF, signed in 2007, aims to promote innovation in the Dubai International Financial Centre (DIFC), and in Luxembourg, a statement said.

The agreement stipulated that subject to laws and regulations, the authorities will share information regarding innovations in financial services in their respective markets. It will also include information pertinent to emerging trends and developments, as well as regulatory issues related to innovation, the statement said.

Saeb Eigner, chairman, DFSA said: “We firmly believe that cooperation with the CSSF is paramount to creating more stable and innovative financial services.”

“We look forward to working with the CSSF to develop our fintech proposition and contribute to the efficiency and further enhancements of our respective financial markets.”

The cooperation is DFSA’s eighth fintech agreement, the statement said.

In May 2017, the DFSA launched its Innovation Testing Licence, a financial services licence that enables fintech companies to develop and test related innovative concepts from the DIFC.

In August 2017, the DFSA became the first regulator to introduce a customised regulatory system for loan and investment crowdfunding platforms in the GCC, the statement said.

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