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Singapore and Abu Dhabi sign deal to boost supervision of cross-border banking

SINGAPORE and Abu Dhabi are joining hands to strengthen the supervision of cross-border operations of banking institutions, regulators from both countries said on Thursday.

The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) signed a Memorandum of Understanding (MoU) to build on their existing cooperation framework to cover the full spectrum of banks, financial markets and fintech-related activities.

Singapore and Abu Dhabi have a long-standing cooperation in the securities field through, for example, a FinTech Innovation and Cross-Border agreement.

The signing of the latest MoU was held on the sidelines of the annual Abu Dhabi Singapore Joint Forum in Abu Dhabi on Thursday.

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MAS deputy managing director Ong Chong Tee said: "The MoU will facilitate greater regulatory and supervisory cooperation between the two authorities. This affirms the strong working relationship between MAS and FSRA (Financial Services Regulatory Authority) and our mutual commitment to the close business and investment ties between our two economies."

ADGM FSRA chief executive Richard Teng added: "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."