ADGM, CBB in deal to promote fin sector

Abu Dhabi Global Market (ADGM) and Central Bank of Bahrain (CBB) signed a Memorandum of Understanding (MoU) to promote and facilitate innovation in financial services across the United Arab Emirates and Bahrain. The agreement was signed in Manama between Abdulla bin Zayed Al Nehyan, Minister of Foreign Affairs and International Cooperation of the United Arab Emirates and Shaikh Khalid bin Ahmed bin Mohammed Al Khalifa, Minister of Foreign Affairs of Bahrain.

With the agreement, the CBB and ADGM teams can further exchange relevant information and collaborate on the supervision of FinTech companies in the respective jurisdiction. The Central Bank of Bahrain Governor, Rasheed Al Maraj said, “This MOU represents the important role regulators play in creating an environment in which this sphere can progress to the benefit of innovative institutions in both jurisdictions.”

Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority at ADGM said, “The strategic partnership allows more cross-border FinTech business opportunities through closer collaboration, partnerships and the exchange of ideas.” Both the CBB and ADGM are members of the recently established Global Financial Innovation Network, a group of 12 regulators which seek to provide a more efficient way for innovative firms to interact with regulators and create a new framework for co-operation between regulators on financial innovation, stability, integrity, customer outcomes and inclusion.