The Dubai Financial Services Authority (DFSA), the financial regulator of the Dubai International Financial Center (DIFC), tied up with the Australian Securities and Investments Commission (ASIC) to put in place a regulatory framework for cooperation on financial technology (FinTech) innovation.
“Today’s agreement underscores our commitment to maintaining strong channels of communication with our regulatory peers and creates a regulatory framework that supports the latest developments in fintech innovation," said Ian Johnston, the chief executive of the DFSA.
Under the terms of the agreement, the authorities will share information on developments in innovation in each market. The agreement also introduces a referral mechanism that enables the authorities to refer innovative businesses to their respective authorities.
The move is the latest in the burgeoning fintech sector in the UAE. This month, the DIFC said it had established a US$100 million fund to invest in fintech start-ups, as the free zone bids to position itself as the regional centre for the fast-growing disruptive sector and vies to bring together the next generation of leaders and entrepreneurs to address growing needs of the region's financial services industry, using innovative technology solutions.
The DFSA/Asic agreement's aim is to catalyse growth and efficiency in a variety of areas including trade finance, alternative finance and Sharia-based services, the Dubai authority said at the signing in Melbourne Australia.
"We really want to consolidate the position of the DIFC to be at the forefront of the changes that are going to happen in the financial sector," Essa Kazim, the DIFC's governor, said earlier this month on the sidelines of the DIFC-organised Global Financial Forum in Dubai.
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In addition, the financial centre, in partnership with the business management consultancy Accenture, this year launched its first accelerator programme that saw 11 fintech firms out of over 200 applicants being accepted into DIFC's mentorship. That programme gives fintech companies with a proven track record advice and makes connections for them with financial service firms looking for technological solutions to bring about greater operational nimbleness. It also helps them find investors.
“RegTech [a subset of fintech pertaining to interaction between businesses and financial regulators] is becoming more and more important - this is a new frontier in our bilateral cooperation that will benefit both regulators and businesses,” John Price, the commissioner of ASIC said.
The DFSA launched the first tailored regime for loan and investment crowdfunding platforms in the GCC in August after rolling out earlier in the year its Innovation Testing Licence, a special class of financial services licence that allows fintech firms to develop and test innovative concepts in or from the DIFC.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Golden Shoe top five (as of March 1):
Harry Kane, Tottenham, Premier League, 24 goals, 48 points
Edinson Cavani, PSG, Ligue 1, 24 goals, 48 points
Ciro Immobile, Lazio, Serie A, 23 goals, 46 points
Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
THREE
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The%20specs
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
