The Dubai Financial Services Authority (DFSA), along with 11 other financial regulators, has released a discussion paper regarding the establishment of a Global Financial Innovation Network (GFIN) and consulting on its proposed functions.
The GFIN aims to bring together global financial regulators to share knowledge and experiences regarding innovation in finance to improve financial stability and promote inclusivity through responsible adoption of emerging technologies and business models. Other members of GFIN include regulators from the UK, Hong Kong, and Australia.
“The DFSA has always been an advocate of regulatory collaboration to build strong and stable financial markets that work for all, as illustrated by our active membership on international standard-setting bodies and our extensive network of bi-lateral and multi-lateral agreements,” said Ian Johnston, chief executive of DFSA. “By joining the GFIN, the DFSA intends to continue this work to ensure that the development of innovative financial services takes place sustainably and effectively, across borders.”
According to the DFSA, joining GFIN will complement its existing fintech initiatives, which include a regulatory framework for crowdfunding platforms and an innovation sandbox, which is becoming popular in many Asian markets.
The DFSA also has bilateral fintech cooperation agreements with its counterparts in Australia, Hong Kong, and Malaysia.