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November 24, 2017

Singapore and Abu Dhabi extend cross-border banking operations

By Saloni Sardana

The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have signed a Memorandum of Understanding (MoU).

This will build on existing co-operation to cover the “full spectrum of banks, financial markets and fintech activities,” a statement by MAS said.

The signing ceremony was held on the sidelines of the annual Abu Dhabi Singapore Joint Forum (ADSJF) in Abu Dhabi on Wednesday.

MAS and the Financial Services Regulatory Authority (FRSA) of ADGM have the common objective of developing robust financial ecosystems.

Ong Chong Tee, deputy managing director, MAS, said: “We are pleased to have concluded this supervisory MoU with ADGM.  The MoU will facilitate greater regulatory and supervisory co-operation 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.”

Mr Richard Teng, CEO, ADGM FSRA, said: “This partnership is an extension of our commitment to creating and facilitating more cross-border business, growth and investment opportunities between the two markets.

“I look forward to working closely with the MAS team, leveraging each other’s strengths and expertise to introduce innovative initiatives to better serve the dynamic needs of our markets and the future growth of our economies.”

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