ADGM Strikes Alliance With Central Bank Of Jordan

Harry Keir Hughes

21 February 2017

Abu Dhabi’s international financial centre has entered into an agreement with Jordan’s central bank in a bid to strengthen regulatory corporation and exchange pertinent information relevant to both regulators.

Abu Dhabi Global Market (ADGM) and the Central Bank of Jordan (CBJ) signed a memorandum of understanding to “formalise a framework to facilitate ongoing cooperation on the supervision of banks and other financial institutions in both jurisdictions” as well as “the exchange information relevant to both regulators in the discharge of their functions,” ADGM said in a statement last week.

“The MoU reinforces ADGM’s commitment to and partnership with our Jordanian counterpart in supervising financial institutions under our respective authorities,” said Richard Teng, chief executive of ADGM’s regulatory department.

He added: “It also endorses the prevailing practice and arrangements for co-operation and information sharing between the two regulators. By working closely together, we can share our regulatory experience and strengths to maintain the highest standards and practice of financial services in the region while facilitating the development of cross-border business.”

ADGM’s memorandum of understanding with the Central Bank of Jordan is the latest link in a series of agreements into which the financial centre has recently entered.

Last week, ADGM struck an alliance with the Malta Financial Services Authority to foster growth in both financial markets through greater regulatory cooperation and information sharing.