Sin­ga­pore, Abu Dhabi to co­op­er­ate in reg­u­la­tory is­sues

Banking Frontiers - - News Banking In The Gulf -

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.

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