Gulf News

DFSA signs MoU with Malaysian cen­tral bank

- Staff Re­port

The Dubai Fi­nan­cial Ser­vices Au­thor­ity (DFSA) has signed a Mem­o­ran­dum of Un­der­stand­ing (MoU) with Bank Ne­gara Malaysia (BNM), the coun­try’s cen­tral bank, to co­op­er­ate in the au­tho­ri­sa­tion and su­per­vi­sion of banks and in­sur­ers op­er­at­ing in both mar­kets.

The MoU was signed by the chief ex­ec­u­tive of the DFSA, Bryan Stire­walt, and the deputy gover­nor of Bank Ne­gara, Jes­sica Chew Cheng Lian. The sign­ing took place on the side­lines of the 2018 In­ter­na­tional Con­fer­ence of Bank­ing Su­per­vi­sors.

“The sign­ing un­der­scores our shared com­mit­ment to main­tain­ing the high­est stan­dards of su­per­vi­sion and the joint pro­mo­tion of a sta­ble fi­nan­cial ser­vices sec­tor in our re­spec­tive ju­ris­dic­tions. The MoU also builds upon our strate­gic goal of en­sur­ing con­tin­ued in­ter­na­tional en­gage­ment and strength­en­ing our reg­u­la­tory ties,” said Stire­walt.

The MoU an­tic­i­pates the pres­ence of Malaysian in­sti­tu­tions, in­clud­ing those of­fer­ing Is­lamic Fi­nance, in the Dubai In­ter­na­tional Fi­nan­cial Cen­tre, and for­malises ar­range­ments for reg­u­la­tory co­op­er­a­tion and es­tab­lishes a frame­work for ex­change of in­for­ma­tion and di­a­logue be­tween the reg­u­la­tors.

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