The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the International Financial Services Centre Authority (IFSCA) in India to consult, cooperate and exchange information for enhanced cross-border financial supervision.

The MoU was signed by Fadel Al Ali, the Chairman of the DFSA, and Injeti Srinivas, Chairman of IFSCA, on 28 January 2022 in a virtual ceremony.

The agreement sets a framework for mutual assistance and exchange of information between the two authorities for augmented supervision, enforcement and oversight on companies with footprints in both jurisdictions. The MoU will also aid the exchange of information relating to financial crime such as money laundering, terrorism financing, proliferation financing or targeted financial sanctions.

The two authorities will work closely to foster the development of the financial sector by sharing best practices, recent developments in business structures and information about the application of technology and innovations in the market.

Fadel Al Ali, Chairman of the DFSA said: “Innovation and technology are rapidly changing the face of the global financial ecosystem. We welcome the opportunity to share our experiences and expertise with a partnership between DFSA and IFSCA that will further advance the development of our respective economies.”

Injeti Srinivas, Chairman of IFSCA said: “The signing of the MoU between IFSCA and DFSA is of immense significance considering the strong and growing economic ties between our two counties. The MoU provides a strong foundation for strengthening our bilateral cooperation and we look forward to working closely with our counterparts in DFSA for the development and regulation of financial markets in both the jurisdictions.”