DFSA and Smart Dubai sign agreement on smart transformation

Dubai Financial Services Authority will collaborate with Smart Dubai on data sharing and regulation, Dubai Paperless Initiative

Wesam Lootah, Chief Executive Officer, Smart Dubai Government Establishment.
Wesam Lootah, Chief Executive Officer, Smart Dubai Government Establishment.

Smart Dubai will help the Dubai Financial Services Authority with digital transformation, following the signing of an MoU.

Under the agreement, DFSA will participate with the Dubai Data Initiative, a city-wide data sharing program; will participate in Smart Dubai’s programs for startups; and will jointly develop governance for data exchange and privacy.

The DFSA will also promote the Dubai Paperless initiative.

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

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.”

HE 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.”

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