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.