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UAE, Mauritius sign agreement to share supervisory information

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UAE, Mauritius sign agreement to share supervisory information

The Central Bank of the UAE (CBUAE) and the Bank of Mauritius (BoM) signed a Memorandum of Understanding (MoU) on 15 March to enhance cooperation in key areas of central banking and share supervisory information.

The MoU covers four activities – cooperation on supervision, the exchange of supervisory information, developing aspects of financial issues of common concern, and collaboration on capacity building, training and technical assistance.

According to the Emirates News Agency, the MoU was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Harvesh Kumar Seegolam, Governor of the Bank of Mauritius.

Under this agreement, the CBUAE and BoM will exchange information during licensing processes and ongoing supervision of banks and other financial institutions operating in both countries to ensure effective cross-border supervision while maintaining complete information confidentiality, it said.

Both parties will also share experience on the stability and development of financial systems, the performance and development of payments systems, clearing and settlement systems, anti-money laundering and combatting the financing of terrorism and proliferation, cyber-security and digital innovation in financial services.

This includes digital currencies, FinTech regulation, private and digital banking, green finance, RegTech and SupTech, which will contribute to achieving the two countries’ common interests.

Commenting on the MoU signing, the CBUAE Governor said, “We are keen to strengthen cooperation with our regional partners, including Bank of Mauritius, to achieve common goals in enhancing banking supervision and exchanging the necessary information on other financial and banking fields to protect our financial systems.”

Original article at Emirates News Agency

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.