Dubai FSA and CSSF entered into an agreement to cooperate in the development of fintech. The agreement was signed by the Dubai FSA Chair Saeb Eigner and the CSSF Director General Claude Marx in Luxembourg. Under the terms of the agreement, the authorities will, subject to applicable laws and regulations, share information about innovations in financial services in their respective markets, including emerging trends and developments as well as innovation-related regulatory issues. The cooperation framework reflects efforts by both authorities to foster innovation in the Dubai International Financial Center as well as in Luxembourg.
This is the eighth fintech agreement of Dubai FSA and this agreement forms part of its innovation strategy, which complements the National Innovation Strategy, as set out by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make the UAE a global hub for innovation. The agreement provides a framework for cooperation and referrals between each authority. It also sets out a mechanism that will enable the authorities to refer innovator businesses between their respective Innovation Functions and provide them with regulatory support. The agreement builds on the existing Memorandum of Understanding between Dubai FSA and CSSF, which was signed in 2007. Dubai FSA, in May 2017, launched its Innovation Testing License, which is a special class of financial services license that allows fintech firms to develop and test innovative fintech concepts from the Dubai International Financial Center.
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Keywords: Europe, Middle East and Africa, EU, UAE, Dubai, Luxembourg, Banking, Fintech, MoU, National Innovation Strategy, Financial Innovation, CSSF, DFSA
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