The Hong Kong Securities and Futures Commission (SFC) and the Dubai Financial Services Authority (DFSA) have signed an agreement to cooperate in fintech development in the two markets.

Under the pact, the two parties will refer innovative firms looking to foray into each other’s jurisdicition.

At the same time, the two regulators will also exchange information, and collaborate on potential fintech innovation projects.

SFC CEO Ashley Alder said: “This agreement underscores the SFC’s efforts to strengthen regulatory collaboration and promote innovation in financial services.”

DFSA CEO Ian Johnston added: “This agreement with Hong Kong’s SFC deepens cooperation between our two markets and will build a common understanding of the principles of good innovation.”