The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have inked a memorandum of understanding (MoU) to improve supervision of cross-border operations of banks.

The latest pact will build on the regulators’ cooperation to include banks, financial markets as well as fintech-related activities. The watchdogs already have cooperated in the securities field as well as have signed a fintech agreement.

ADGM Financial Services Regulatory Authority CEO Richard Teng said: “Singapore and the UAE share very similar strengths in how we constantly reinvent ourselves to strategically support our robust economies, as well as, collaborate with like-minded partners to foster a sound sustainable global financial ecosystem and global market.

“This partnership is an extension of our commitment to creating and facilitating more cross-border business, growth and investment opportunities between the two markets.”

MAS deputy managing director Ong Chong Tee added: “The MoU will facilitate greater regulatory and supervisory cooperation between the two authorities. This affirms the strong working relationship between MAS and FSRA and our mutual commitment to the close business and investment ties between our two economies.”

 

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By GlobalData