Fi­nanceMalta and Abu Dhabi Global Mar­ket sign MoU on bi­lat­eral co­op­er­a­tion

Malta Independent - - BUSINESS -

Com­pet­i­tive­ness and Dig­i­tal, Mar­itime and Ser­vices Econ­omy Min­is­ter Manuel Mal­lia wit­nessed the sign­ing of a Mem­o­ran­dum of Un­der­stand­ing (MoU) in Abu Dhabi en­abling fur­ther co­op­er­a­tion be­tween the Abu Dhabi Global Mar­ket (ADGM) the in­ter­na­tional fi­nan­cial cen­tre in Abu Dhabi, and Fi­nance Malta (FM), the or­gan­i­sa­tion re­spon­si­ble for the de­vel­op­ment of Malta’s Fi­nan­cial cen­tre.

The MOU will en­able fur­ther col­lab­o­ra­tion be­tween ADGM and FM on joint ini­tia­tives and ef­forts to bol­ster the growth of fi­nan­cial mar­kets in both Abu Dhabi and Malta.

Dr Mal­lia stressed on the im­por­tance of this MOU which “es­tab­lishes a strate­gic plat­form to share ex­per­tise and per­ti­nent in­for­ma­tion on bank­ing, fi­nan­cial ser­vices and prod­ucts, se­cu­ri­ties leg­is­la­tion and reg­u­la­tory prac­tice in each mar­ket”.

Dr Mal­lia em­pha­sised, “This is a ster­ling achieve­ment and my govern­ment is look­ing for­ward to work­ing with ADGM where we will ex­plore mu­tu­ally ben­e­fi­cial projects and ac­tiv­i­ties that fur­ther de­velop hu­man cap­i­tal ca­pa­bil­i­ties and foster greater growth in both fi­nan­cial mar­kets.”

The agree­ment was signed by Ken­neth Far­ru­gia, Chair­man of Fi­nanceMalta, and Richard Teng, Chief Ex­ec­u­tive Of­fi­cer of the Fi­nan­cial Ser­vices Reg­u­la­tory Au­thor­ity (FSRA) of ADGM.

Mr Teng com­mented,: “This MoU marks an im­por­tant de­vel­op­ment in our on-go­ing en­gage­ment and col­lab­o­ra­tion with Fi­nanceMalta. By har­ness­ing our ex­per­tise and ex­pe­ri­ence, fi­nan­cial in­sti­tu­tions and com­pa­nies can fur­ther ex­pand their global foot­prints through ADGM’s in­ter­na­tion­ally recog­nised plat­form.” Mr Far­ru­gia added, “This MoU marks an im­por­tant mile­stone in fur­ther strength­en­ing our on­go­ing col­lab­o­ra­tion with Abu Dhabi Global Mar­ket. This MoU will be an im­por­tant cat­a­lyst in our thrust to strengthen the vis­i­bil­ity and rel­e­vance of Malta as an EU based fi­nan­cial ser­vices domi­cile in the Gulf, and we are ex­tremely de­lighted with this de­vel­op­ment. The MoU will fa­cil­i­tate con­tacts for fi­nan­cial mar­ket stake­hold­ers and fi­nan­cial del­e­ga­tions in­ter­ested in the busi­ness po­ten­tial of ADGM.”

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