SINGAPORE - The Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) have signed an agreement that allows each party to refer fintech companies to each other, as well as facilitate the sharing of information on innovation in the financial sector.

Both authorities have also agreed to work on joint projects on the application of key technologies. This includes digital and mobile payments, blockchain and distributed ledgers, Big Data and Application Programming Interfaces (APIs).

MAS and DFSA said in a joint press statement on Wednesday (Aug 29) that the agreement reflects the commitment of both authorities to support the development of fintech to deliver new and enhanced financial services and manage risks better, reduce costs, and increase efficiency.

"The rising fintech boom in the Middle East creates new opportunities for the region and beyond," MAS chief fintech officer Sopnendu Mohanty said.

"Through this fintech cooperation with DFSA, we look forward to closer interactions between our markets, and for fintech firms in Singapore to capture these new opportunities and grow the fintech landscape," he added.