Central Bank of Jordan and ADGM Sign MOU to Enhance Banking & Financial Supervision

ADGM 16/02/2017

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Central Bank of Jordan (CBJ) signed a Memorandum of Understanding to formalise a framework to facilitate ongoing cooperation on the supervision of banks and other financial institutions in both jurisdictions as well as the exchange information relevant to both regulators in the discharge of their functions.

The MOU was signed by Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM and H.E. Dr. Ziad Fariz, Governor of the Central Bank of Jordan.

Mr Richard Teng, CEO of the Financial Services Regulatory Authority of the Abu Dhabi Global Market said, “The MOU reinforces ADGM’s commitment to and partnership with our Jordanian counterpart in supervising financial institutions under our respective authorities. It also endorses the prevailing practice and arrangements for co-operation and information sharing between the two regulators. By working closely together, we can share our regulatory experience and strengths to maintain the highest standards and practice of financial services in the region while facilitating the development of cross border business.”

In September 2016, ADGM entered into similar collaboration with the Jordan Securities Commission with the aim of developing Abu Dhabi as an international financial centre.  As an IFC, ADGM will continue to cultivate meaningful collaborations and partnerships with authorities and stakeholders both locally and globally.