DFSA signs MoU with Smart Dubai

Business Bureau, Gulf Today

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.