Hong Kong's Securities and Futures Commission has entered into a cooperation agreement with the Dubai Financial Services Authority (DFSA) to establish a framework to help each other develop the fintech industry; the two regulators will work together on information sharing, innovation projects and referrals of fintech firms seeking to enter one another's markets. Source
New York-based ConsenSys has been elected to advise the City of Dubai on the first ever blockchain city technology effort; the initiative is led by the Smart Dubai Office and IBM, the government's strategic partner; as part of the Dubai Blockchain Strategy 2020, the city of Dubai will now require all government records and transactions to be documented using blockchain technology. Source
Dubai is quickly becoming a destination for fintech companies as the country has seen a surge in startups the last three years; according to Arif Amiri, CEO of Dubai International Financial Centre Authority (DIFCA), the country hosts 1,715 companies and banking assets have risen from $50 billion to $150 billion; financial services contributes 12% to gross domestic product, by 2024 that number is set to increase to 18%; Gareth Lewis, CEO and co-founder of Delio, which helps firms getting investment, told CNBC Thursday, "there's a fantastic opportunity in the Dubai region purely around the appetite for private investment." Source
The Dubai Financial Services Authority (DFSA) has announced a consultation process that will begin to set a framework for P2P lending; following the consultation process the regulator is likely to begin issuing licenses for P2P lending businesses; the regulators initiative would provide for a new source of funding for borrowers and would also help to support small businesses. Source