The Central Bank of the UAE (CBUAE) and the Central Bank of Syria have signed a memorandum of understanding (MoU) on financial and technical cooperation.

The agreement covers payment systems, monetary policy, cash management and financial technology.

It also sets out a framework for capacity building and for sharing expertise and information on regulation.

Other areas include climate risk management, sustainable finance, financial inclusion and financial literacy.

Credit information systems, reporting and risk management frameworks also fall under the MoU.

On the supervisory side, the agreement provides for the exchange of expertise on licensing, regulatory enforcement, compliance and consumer protection.

“We hope that this cooperation will create broader opportunities for financial institutions in both countries and enhance the role of the financial sector in supporting economic growth and development,”

said H.E Khaled Mohamed Balama, the Governor of CBUAE.

“We attach particular importance to the opportunities provided by the Memorandum to advance financial inclusion, build institutional capacity, and strengthen regulatory and supervisory frameworks,

thereby supporting the development of the banking sector and enhancing its ability to keep pace with regional and international banking requirements and practices,”

said H.E. Mohammad Safwat Abdel Hamid Raslan, the Governor of Central Bank of Syria.

Featured image: Edited by Fintech News UAE, based on image by Central Bank of the UAE (CBUAE) via its website and Magnific.