Dubai, Sep 27 (IANS/WAM) Financial service authorities of Dubai and Japan have signed an agreement on cooperation on financial technology (FinTech), according to an official statement on Thursday.
The deal was inked between the Dubai Financial Services Authority (DFSA) which supervises the Middle East’s biggest banking system and the Financial Services Agency of Japan.
The two sides will share information on developments in FinTech and ensure the efficient entry of financial innovators into the respective markets, DFSA said in the statement.
The cooperation framework reflected the efforts of both authorities to foster innovation in the Dubai International Financial Centre (DIFC) as well as in Japan.
The DIFC, home to 635 regulated entities, set up a FinTech incubator, named FinTech Hive, in early 2017.
Earlier this month, FinTech Hive announced the commencement of the 2018 edition of its programme, in partnership with global consultancy Accenture.
The second edition received a response of over 300 applications around the world, of which 22 were selected.