The chief operating officer of the Dubai Financial Services Authority (DFSA), Waleed Saeed Al Awadhi and Wesam Lootah, Chief Executive Officer of Smart Dubai digitally signed a Memorandum of understanding (MoU) to collaborate on digital transformation initiatives.

The two entities will work together to implement technological innovation to deliver impactful experiences to the people.

They will also collaborate on the Dubai data initiative as part of the smart city vision by following internationally followed guidelines to manage data, achieve harmony and integrate all services provided by all government agencies.

Al Awadhi told the media that, “Our agreement with Smart Dubai underlines our commitment in supporting the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE 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.”

According to him, the MoU will further enhance the initiatives already undertaken and will strengthen DFSA’s position as a leader in digital innovation for the financial services and regulatory sector.

Wesam Lootah also told the media that, “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.”

The MoU signed by DFSA and Smart Dubai complements the initiatives already undertaken by DFSA such as promoting a culture of innovation, exploring modern technologies as well as artificial intelligence.

As per the MoU, the DFSA will also promote the Dubai paperless initiative to support the Dubai government’s aim to become completely paper-free by 2021.