UAE, Egypt, Jordan central banks to strengthen cooperation in monetary sector – Information

Regulators signal MoU to advertise monetary and banking relations

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Printed: Wed 8 Jun 2022, 6:22 PM

The central financial institution governors from the UAE, Egypt and Jordan held a gathering in Abu Dhabi to additional strengthen cooperation within the monetary sector.

Khaled Mohamed Balama, Governor of the Central Financial institution of the UAE (CBUAE), met Tarek Hassan Amer, Governor of the Central Financial institution of Egypt, and Dr Adel Ahmad Al-Sharkas, Governor of the Central Financial institution of Jordan in Abu Dhabi on Wednesday, within the presence of senior officers from the three Central Banks.

The assembly follows the announcement of an industrial partnership for sustainable financial progress between the three international locations in late Might and displays the imaginative and prescient of the international locations’ management to strengthen financial partnerships geared toward sustainable improvement.

The Central Financial institution governors mentioned alternatives for collaboration growth within the supervision of licensed monetary establishments, info and experience change, benefiting from joint experiences within the Fintech sector, the event of cost programs and technical expertise for specialised cadres, in addition to technical help within the monetary sector.

The governors harassed that their industrial partnership displays a brand new part of enhancing monetary relations and contributes to reaching sustainable financial progress within the three international locations. They confirmed their dedication to deepen cooperation within the monetary sector to make this partnership profitable and to realize its targets.

The governors additionally signed a Memorandum of Understanding (MoU( to boost monetary and banking cooperation.

The MoU covers cooperative mechanisms of supervision, info exchanges to facilitate their monitoring and supervision mandates and their function in guaranteeing monetary stability. It additionally specifies collaboration in areas of cost programs, Fintech, coaching and constructing skilled capabilities and technical and expertise exchanges.

Khaled Balama additionally signed an MoU with Tarek Hassan Amer to complement an earlier settlement signed in 2021. This consists of latest articles associated to the targets and scope of cooperation and Fintech collaboration, together with the event of tasks and initiatives reminiscent of a standard “sand-box” and the event of methods to boost competitiveness and digital transformation within the monetary sector.

A further article covers coaching and technical cooperation to boost the skilled expertise of each events’ workers.

“We’re eager to strengthen cooperation with our companions in Egypt and Jordan within the monetary sector to realize sustainable progress and prosperity for all of us, and promote investments, commerce relations, financial partnership, and to fulfill the mutual pursuits of the three international locations,” stated Khaled Mohamed Balama.

“The MoU with the Central Financial institution of Jordan, and the supplementary MoU with the Central Financial institution of Egypt represent a framework for exploring alternatives for future cooperation with the 2 international locations, constructing on the robust relationship between our monetary programs and the economies of our international locations,” he added.

Dr Adel Ahmad Al Sharkas stated: “We search by means of the MoU with the Central Financial institution of the UAE to create a complete supervisory and monitoring framework on the monetary and banking companies in each international locations. This can improve monetary stability, effectivity and integrity necessities within the provision of economic and banking companies, as a part of digital transformation initiatives which facilitated intra-financial transactions.”

“We sit up for the cooperation with the Central Financial institution of the UAE to additional undertake monetary expertise in offering monetary and banking companies and maintain tempo with the market improvement, and to offer a standard atmosphere to embrace inventive concepts and skills within the trendy monetary expertise.”

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