Abu Dhabi, Australia regulators sign cross-border collaboration agreement
Abu Dhabi Global Market (ADGM) and Australian Prudential Regulation Authority (APRA) have inked a memorandum of understanding (MoU) to support cross-border collaboration in their financial markets.
Under the agreement, the two parties will exchange expertise and information on banking, financial services and products, and insurance legislation. They will also share data on regulatory practice in their respective jurisdictions.
Financial Services Regulatory Authority (FSRA) of ADGM CEO Richard Teng said: “By harnessing our expertise and experience, financial institutions and companies from both markets can further expand their global footprints via each other’s internationally recognised platforms.
“I look forward to the two teams working closely together in leveraging each other’s regulatory experience and insights, developing the financial services sectors, and supporting our stakeholders in achieving their growth plans.”
ADGM has been collaborating with several global regulators in the recent times to strengthen cross-border regulatory collaboration, and said that it will continue to do so both locally and globally. This year, the regulator has signed similar cooperation agreements with the Mauritius Financial Services Commission, Central Bank of Bahrain, and Malta Financial Services Authority.
Other Latest News
- Whitney Bank receives regulatory nod for acquisition of nine First NBC Bank branches
- ADGM, Central Bank of Jordan sign accord to improve banking & financial supervision
- Abu Dhabi, Malta regulators sign cross-border cooperation agreement
- Brexit white paper: ‘Freest possible trade’ is the goal
- Deutsche Bank fined $630m over money laundering claims
Whitney Bank receives regulatory nod for acquisition of nine First NBC Bank branches
Whitney Bank, the banking subsidiary of Hancock Holding Company, has obtained regulatory approval to acquire nine branches and about $1.3bn in loans from First NBC Bank, a banking unit of First NBC Bank Holding Company.read more
Lloyds annual pre-tax profit surges to £4.2bn
Lloyds Banking Group has reported a statutory pre-tax profit £4.23bn for the year ended 31 December 2016, a huge surge compared to £1.64bn a year ago.read more
Grameen America, Citi and MasterCard to unveil digital finance platform
Grameen America, a microfinance organisation, has partnered with Citi and MasterCard to roll out a range of fintech solutions to promote digital financial access and inclusion for over 86,000 low-income women entrepreneurs across the US.read more
TSYS, International Bank of Qatar ink payments agreement
TSYS, a US-based credit card processor, has inked a licensing agreement with International Bank of Qatar (ibq) whereby the bank will leverage TSYS' PRIME payment solutions platform.read more
RBS to abandon Williams & Glyn spin-off
Royal Bank of Scotland (RBS) has announced that it could scrap the sale of Williams & Glyn (W&G) division after an agreement was reached between the HM Treasury and the European Commission (EC).read more