Abu Dhabi Global Market and Central Bank of Bahrain Form Partnership to Enhance Cross-Border CooperationADGM FSRA 12/02/2017
Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and the Central Bank of Bahrain (CBB) signed a Memorandum of Understanding in December 2016 to strengthen regulatory cooperation for the supervision of financial institutions, to facilitate joint collaboration and exchange of information as well as support cross border activities. The MoU was signed by H.E. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain and Richard Teng, Chief Executive Officer of ADGM Financial Services Regulatory Authority (FSRA).
The MoU establishes a strategic platform for ADGM and CBB to share pertinent information and joint efforts to maintain the well-functioning of the financial institutions, insurance and capital markets in each market.
The Governor of the Central Bank of Bahrain, HE Mr. Rasheed Al Maraj commented following the signing of the MOU,"We are delighted to have this framework of collaboration with ADGM as CBB continues to expand its partnerships with regulatory authorities in the region and globally to facilitate proper supervision and oversight over the licensed financial institutions operating on both jurisdictions."
Mr Richard Teng, CEO, Financial Services Regulatory Authority of the Abu Dhabi Global Market said, “We are pleased to further our partnership with the Central Bank of Bahrain (CBB). This MoU underpins ADGM’s commitment to building greater collaborations with regional partners to uphold high regulatory standards and support cross-border activities of stakeholders. I look forward to both teams working closely together in areas including sharing regulatory expertise and insights which bolster the growth of financial services in both markets.”
ADGM will continue to cultivate meaningful cooperation and partnerships with authorities and stakeholders both locally and globally.