Singapore, Abu Dhabi to cooperate in regulatory issues
Regulators of Singapore and Abu Dhabi are collaborating to strengthen the supervision of cross-border operations of banking institutions. The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) entered into a MoU to build on their existing cooperation framework so that it covers the full spectrum of banks, financial markets and fintech-related activities in these two countries. The two countries already have a long-standing cooperation in the securities field, especially through a FinTech Innovation and Cross-Border agreement. Abu Dhabi is currently holding the annual Abu Dhabi Singapore Joint Forum. MAS deputy MD Ong Chong Tee said the MoU will facilitate greater regulatory and supervisory cooperation between the two authorities. This affirms the strong working relationship between MAS and FSRA (Financial Services Regulatory Authority) and the mutual commitment to foster close business and investment ties between the two economies.