Abu Dhabi Global Market (ADGM), Labuan International Business and Financial Centre (Labuan IBFC) and Labuan Financial Services Authority (Labuan FSA) have signed memoranda of understanding (MOUs) to foster financial development in Labuan, Malaysia and Abu Dhabi.
The agreements are aimed at exchange of relevant information on banking, financial services, securities legislation and regulations in each jurisdiction.
Under the agreement, ADGM and Labuan IBFC will explore mutually beneficial projects related to infrastructure financing, fintech as well as green finance.
The agreement between FSRA and Labuan FSA facilitates cooperation for the supervision of financial institutions, information sharing and cross border activities in Abu Dhabi and Malaysia.
ADGM Financial Services Regulatory Authority CEO Richard Teng said: “This agreement paves the way for more joint efforts and initiatives and we look forward to working closely with the team to enhance Fintech developments, innovation and explore possible cross-border investment activities to better serve our markets and beyond. Together, we can work closely in advocating a well-regulated environment and promoting high regulatory standards and practice among our business communities in the UAE and Asia.”