Dubai Financial Services Authority joins regulator network

dubai - It issues discussion paper on Global Financial Innovation Network

The Dubai Financial Services Authority (DFSA), in collaboration with 11 other financial regulators and associated organisations from around the world, has issued a discussion paper announcing the establishment of a Global Financial Innovation Network (GFIN) and consulting on its proposed functions.

The GFIN is a network of global regulators which will seek to conduct joint work and share experiences of financial innovation to improve financial stability, integrity, customer outcomes and inclusion, through the responsible adoption of emerging technologies and business models.

GFIN has launched this paper to seek views on its mission statement, its proposed functions and where it should prioritise activity. Members of GFIN include regulators from the United Kingdom, Hong Kong and Australia.

Ian Johnston, chief executive at the DFSA, said: "The DFSA has always been an advocate of regulatory collaboration to build strong and stable financial markets that work for all, as illustrated by our active membership on international standard-setting bodies and our extensive network of bilateral and multi-lateral agreements. By joining the GFIN, the DFSA intends to continue this work to ensure that the development of innovative financial services takes place sustainably and effectively, across borders."

- business@khaleejtimes.com