Dubai International Financial Centre’s (DIFC) financial regulatory agency, Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Central Bank of the Republic of Mauritius (Bank of Mauritius) in order to cooperate and assist each other in the performance of their respective regulatory functions.
According to the statement, the MoU intends to facilitate the exchange of knowledge on technologically enabled financial innovation.
The MoU was signed by Mr. Fadel Al Ali, Chairman of the DFSA, and Mr. Harvesh Kumar Seegolam, Governor of Bank of Mauritius, in Dubai at the DFSA office.
Fadel Al Ali Chairman – DFSA
“Advanced technologies are an important and growing component of the global financial ecosystem. As a global regulator, it is imperative that we are sharing our experiences and expertise to further advance the development of our economies and safeguard the health of our financial systems. We welcome this opportunity to collaborate with the Bank of Mauritius on emerging technologies impacting the financial ecosystem.”
As per the statement, “The MoU places an emphasis on technologies pertinent to financial services, regulation, and supervision, to facilitate a more efficient and effective delivery of regulatory requirements.”
Furthermore, the two authorities will encourage open dialogue on operational and technical risk supervision, anti-money laundering and counter-proliferation financing, and cybersecurity.
DFSA said that the agreement between the two authorities establishes a framework for capacity building in financial services in areas of common interest to both authorities.
Earlier this year, DFSA and India’s International Financial Services Centre Authority (IFSCA) signed an MoU to consult, cooperate and exchange information for enhanced cross-border financial supervision.
