Young as it is, blockchain technology has taken the world by storm. Corporations are in a rush to take a slice of the treasures of the financial innovation. National financial institutions are also part of the entities competing for a piece of the blockchain and fintech. The Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) are a case in point.

The “Authorities” have agreed to work together to “accelerate financial technology” in their respective territories. The details of the deal include joint development of digital and mobile payments. The countries will further cooperate in blockchain technology, Big Data and development of application programming interfaces (APIs).

A platform for information sharing

The partnership relies on a mechanism where best ideas from one territory traverse to the other and vice versa. This way, innovator businesses will share their expertise and resources to the other businesses in the other territory. The financial authorities will organise innovation functions which will provide an interactive platform for information sharing.

Wam, a UAE news outlet reports that the agreement will create a supporting environment that is innovation friendly. The environment will support sustainable development in the financial services sector of both countries, the paper adds.

In a statement, Ian Johnston, DFSA’s CEO is confident the collaboration “will create synergies” that will grow fintech firms. Their firms will be able to favorably compete in the global blockchain space.

Rising fintech boom

“We are pleased to formalise an agreement with MAS to support the growth of innovation in financial services. Cooperation between MAS and the DFSA will help create synergies and greater understanding between our two markets and will enable FinTech firms to extend their reach globally,” said Johnston.

On its part, MAS hopes to take advantage of the “rising fintech boom” in the Middle East and yonder regions. The partnership will enable Singapore to “capture these new opportunities and grow the fintech landscape.”

Further, the two organizations are part of a network that unites “12 financial regulators from around the world”. Global Financial Innovation Network (GFIN) supports “financial stability, integrity and inclusion.”