DUBAI - The Dubai Financial Services Authority (DFSA) signed a Memorandum of Understanding (MoU) with the Thai Securities and Exchange Commission (SEC), with the aim of promoting open dialogue on technology enabled financial innovation in financial services, including FinTech and Regulatory Technology (RegTech).

The MoU was signed by Ian Johnston, Chief Executive Officer of DFSA, and Ruevadee Suwanmonkol, Secretary-General of SEC.

The agreement provides a framework for further co-operation between the two authorities on regulation, policy and trends in financial services and markets.

The financial services sector is witnessing unprecedented development, Johnston said, noting that regulatory authorities should be keen to exchange knowledge, to keep pace with the latest innovations in the markets.

The strategic partnership between the two sides has created a solid foundation for strengthening their bilateral cooperation in emerging technologies, he added.

Suwanmongkol said that the cooperation between the two sides will enable them to keep pace with the latest innovations and address related challenges.

The MoU’s signing highlights the commission’s keenness to enhance its relations with pioneering regulatory authorities, including DFSA, he added.