The Dubai Financial Services Authority (DFSA) and the International Financial Services Centre Authority (IFSCA) in India have signed a Memorandum of Understanding (MoU), to consult, cooperate and exchange information for enhanced cross-border financial supervision.
The MoU, which was signed by Mr. Fadel Al Ali, the Chairman of the DFSA, and Mr. Injeti Srinivas, Chairman of IFSCA, in a virtual ceremony, sets a framework for mutual assistance and expertise between the two authorities for augmented supervision, enforcement and oversight on companies with footprints in both jurisdictions.
It will also aid knowledge-sharing about financial crime such as money laundering, terrorism financing, proliferation financing, or targeted financial sanctions. The authorities will work closely to foster the development of the financial sector by sharing best practices, recent developments in business structures and information about the application of technology and innovations in the market.
“Innovation and technology are rapidly changing the face of the global financial ecosystem. We welcome the opportunity to share our experiences and expertise with a partnership between DFSA and IFSCA that will further advance the development of our respective economies.”
Mr. Srinivas said that “The signing of the MoU between IFSCA and DFSA is of immense significance considering the strong and growing economic ties between our two counties. The MoU provides a strong foundation for strengthening our bilateral cooperation and we look forward to working closely with our counterparts in DFSA for the development and regulation of financial markets in both the jurisdictions.”
In December 2021, Mastercard joined DFSA Threat Intelligence Platform (TIP), to construct intelligence-led, public-private partnerships and boost cyber resilience across the Middle East, Africa and South Asia region.