Dubai, UAE: The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with The Securities and Exchange Commission of Thailand (SEC), to enable open dialogue about technology enabled financial innovation in financial services, including FinTech and Regulatory Technology (RegTech).
The MoU was by Ian Johnston, Chief Executive of the DFSA, and Ruevadee Suwanmonkol, Secretary-General of the SEC on 18 October 2022.
The agreement provides a framework for further co-operation between the two authorities on regulation, policy and trends in financial services and markets.
Ian Johnston, Chief Executive of the DFSA said: “As the financial services sector evolves at an unprecedented pace, it is key for regulatory bodies to share knowledge and to stay abreast of innovation within their markets. This strategic partnership provides a strong foundation to strengthen the cooperation between our two countries. We are confident that bringing together the expertise of the DFSA and the SEC of Thailand on emerging technologies will further advance the development of our respective economies.”
Ms Ruenvadee Suwanmongkol, Secretary-General of SEC Thailand, said: “As the innovative development in the financial services sector is growing exponentially, our collaborative partnership is an important initiative that enables both authorities to keep pace with innovations and address emerging complex challenges. This MoU also underlines SEC Thailand’s focus on strengthening relationships with leading regulatory authorities, including DFSA. We strongly believe that a close collaboration between DFSA and SEC Thailand is a stepping stone towards stronger and continuing development of financial innovations and regulations in our respective jurisdictions.”
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For further information please contact:
Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Dubai, UAE
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae
About DFSA
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA's website for more information.
Ian Johnston was appointed Chief Executive of the DFSA in September 2022. He previously served as the DFSA’s Chief Executive from 2012-2018. A lawyer by background, Ian had several senior executive roles in the private sector, including as CEO of one of Australia’s major trustee companies. The second half of his career being in regulation, Ian was an Executive Director at the Australian Securities and Investments Commission; Special Advisor at the Hong Kong Securities and Futures Commission; and since 2019, consulting to and advising a number of financial regulators in Europe, Asia and the Middle East.
