The Dubai Financial Services Authority (DFSA) signed a Memorandum of Understanding (MoU) with Smart Dubai to collaborate on organisation-wide smart transformation initiatives spearheaded by Smart Dubai.

The MoU was digitally signed by Waleed Saeed Al Awadhi, Chief Operating Officer of the DFSA, and H.E Wesam Lootah, Chief Executive Officer of Smart Dubai Government Establishment making it one of the first digitally signed MoUs in the UAE.

As per the MoU, the DFSA and Smart Dubai will work together to empower, deliver, and promote an efficient, seamless, safe, and impactful experience for residents by drawing on technology innovation. The two entities will cooperate on the Dubai Data Initiative as part of the Smart City vision by managing data based on clear guidelines, aligned with international best practices and achieving integration and harmony between the services provided by federal government agencies and local government bodies.

The MoU complements the ongoing initiatives of the DFSA in driving organisation-wide digital transformation by promoting a culture of innovation and exploring the application of artificial intelligence and next-generation technologies. It also builds on the DFSA’s commitment to be future-ready by incorporating best practices that are most suited to the digital world.

The DFSA and Smart Dubai will also jointly promote transparency by forming governance rules and controls on the exchange of data while ensuring data confidentiality and privacy. The DFSA will also contribute to Smart Dubai’s startup support initiative by establishing testing environments in the UAE for startups and entrepreneurs.

Al Awadhi said: “Our agreement with Smart Dubai underlines our commitment in supporting the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directions of H.H Sheikh Maktoum bin Mohammed bin Rashid AlMaktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre, to position the emirate as a hub for digital technology adoption and promote a culture of innovation, both of which are central to us in shaping the digital future of the DFSA. The MoU will further enhance the initiatives we have already rolled out and will position us as a thought leader in digital innovation for the financial services and regulatory sector.”

H.E Wesam Lootah commented: “The collaboration of public and private sector entities, specialised in all economic sectors, is central to achieving the smart city vision outlined by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The MoU with the DFSA will further accelerate the digital transformation by covering areas related to data science within the financial services sector.”

Through the MoU, the DFSA will also promote the Dubai Paperless initiative to support Dubai government’s aim to become completely paper-free by 2021. Representatives of the two entities will meet regularly to discuss and outline plans to achieve these common objectives.