This agreement will build on their existing cooperation framework to cover the full spectrum of banks, financial markets and fintech-related activities.

Abu Dhabi Global Market (ADGM) and the Monetary Authority of Singapore (MAS) have signed a memorandum of understanding (MoU) to strengthen the supervision of cross-border operations of banking institutions. 

It will help MAS and the Financial Services Regulatory Authority (FSRA) of ADGM to develop sound and robust financial markets and financial ecosystems, the watchdogs said in a statement.

“The MoU will facilitate greater regulatory and supervisory cooperation between the two authorities,” said Ong Chong Tee, deputy managing director at MAS. “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.”

“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,” said Richard Teng, chief executive at ADGM FSRA. “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.”

In October, this publication reported that ADGM signed a MoU with YES BANK, an Indian-based bank, to improve the relationships between financial technology operations in the UAE and India.