The Dubai Financial Services Authority (DFSA) has formed a partnership with Smart Dubai via a Memorandum of Understanding, in order to cooperate on smart transformation initiatives.
According to WAM reports, the MoU was signed digitally by Waleed Saeed Al Awadhi, COO, DFSA, and Wesam Lootah, CEO, Smart Dubai Government Establishment. This is one of the first ever digitally signed collaboration deals in the UAE.
The agreement states that the DFSA and Smart Dubai will join forces to empower, promote and deliver a safe, seamless, efficient and impactful experience for the citizens by drawing on tech innovation. The two partners will work together on Dubai Data Initiatives, as a significant part of the Smart City Vision. Their operations will include data based management under structured guidelines in accordance with global best practices. The objective is to achieve harmony and integration between the services offered by local government entities and federal government agencies.
“Our agreement with Smart Dubai underlines our commitment in supporting the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the directions of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, 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,” said Al Awadhi.
The two organizations will start forming governance rules and regulations on data exchange to ensure data privacy and confidentiality to promote transparency. In addition, the DFSA will take part in Smart Dubai’s startup support programs by testing business environments in the UAE.
“The collaboration of public and private sector entities, specialised in all economic sectors, is central to achieving the smart city vision outlined by 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,” said Lootah.
This partnership is going to encourage and promote the Dubai Paperless Initiative that supports the Dubai government’s goal to go totally paper-free by 2021.