Abu Dhabi, UAE: A memorandum of understanding (MoU) has been signed between the Dubai Financial Services Authority (DFSA) and the Central Bank of the Republic of Mauritius (Bank of Mauritius). This agreement will assist both the parties to collaborate and aid each other in relation to the implementation of their regulatory functions as well as facilitate the exchange of knowledge on technologically enabled financial innovation.
The official statement released by DFSA on April 4, 2022, informs that the agreement was penned down by Fadel Al Ali – the chairman of the DFSA, and Harvesh Kumar Seegolam – Governor of Bank of Mauritius, in Dubai at the DFSA offices.
The Chairman of the DFSA, in his statement, asserted, “As a global regulator, it is imperative that we are sharing our experiences and expertise to further advance the development of our economies & safeguard the health of our financial systems.”
Following the statement, it further added, “We welcome this opportunity to collaborate with the Central Bank of Mauritius on emerging technologies affecting the financial ecosystem.”
An open dialogue will also be initiated between the two authorities in terms of operational and technology risk supervision, anti-money laundering & combating the financing of terrorism and proliferation, and cybersecurity, the statement adds.
Not only this, but the agreement will also establish a framework for capacity building in economic services in regions of common interest to both authorities.
The Dubai Financial Services Authority – (DFSA) is the economic regulatory agency of the special economic zone – the Dubai International Financial Centre (DIFC), in Dubai, United Arab Emirates.
It is different from UAE’s federal Securities & Commodities Authority, whose jurisdiction covers the wider UAE outside the boundaries of the DIFC. It operates only within the special economic zone & is tasked with providing a regulatory environment of international standards.