|23 November, 2017

Abu Dhabi Global Market and Monetary Authority of Singapore foster closer cooperation in banking supervision

MoU to establish a strategic supervisory framework for both regulators in supervision of cross-border operations of banking institutions.

ABU DHABI- Abu Dhabi Global Market, ADGM, and the Monetary Authority of Singapore, MAS, today signed a Memorandum of Understanding, MoU, to establish a strategic supervisory framework for both regulators to share information to strengthen the supervision of cross-border operations of banking institutions under their purview to foster closer cooperation.

The signing ceremony was held on the sidelines of the Annual Abu Dhabi Singapore Joint Forum, ADSJF, held today in Abu Dhabi and hosted by the UAE Executive Affairs Authority.

MAS and the Financial Services Regulatory Authority, FSRA, share the same objective to develop sound and robust financial markets and financial ecosystems. This agreement will complement their cooperation framework to cover the full spectrum of banks, financial markets and FinTech-related activities.

Ong Chong Tee Deputy Managing Director, MAS, said, "We are pleased with the successful conclusion of the MoU with ADGM. The MoU provides for a formal basis for greater regulatory and supervisory cooperation between the two authorities. This will provide the security and confidence needed for stronger market growth and expansion." Richard Teng, Chief Executive Officer, ADGM FSRA, said, "Singapore and the UAE share very similar strengths in how we constantly reinvent ourselves to strategically support our robust economies, as well as collaborate with like-minded partners to foster a sound sustainable global financial ecosystem and global market. This partnership is an extension of our commitment to creating and facilitating more cross-border business, growth and investment opportunities between the two markets. I look forward to working closely with the MAS team, leveraging each other’s strengths and expertise to introduce innovative initiatives to better serve the dynamic needs of our markets and the future growth of our economies."

© Copyright Emirates News Agency (WAM) 2017.

More From Commercial