The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) today signed a Memorandum of Understanding (MoU) to strengthen the supervision of cross-border operations of banking institutions. The signing ceremony was held on the sidelines of the annual Abu Dhabi Singapore Joint Forum (ADSJF) in Abu Dhabi today.

MAS and the Financial Services Regulatory Authority (FSRA) of ADGM share a common objective to develop sound and robust financial markets and financial ecosystems. This agreement will build on their existing cooperation framework to cover the full spectrum of banks, financial markets and FinTech-related activities.

Mr. Ong Chong Tee, Deputy Managing Director, MAS, said,

“We are pleased to have concluded this supervisory MoU with ADGM.  The MoU will facilitate greater regulatory and supervisory cooperation between the two authorities. This affirms the strong working relationship between MAS and FSRA and our mutual commitment to the close business and investment ties between our two economies.”

Mr. 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.”

This article first appeared on mas.gov.sg, Featured image via Pixabay