Abu Dhabi’s ADGM, Singapore’s Monetary Authority sign MoU
The Monetary Authority of Singapore and the Abu Dhabi Global Market (ADGM) have signed a memorandum of understanding that they say is aimed at strengthening the supervision of cross-border operations of banking institutions in the two jurisdictions.
The agreement “will build on the cooperation framework of MAS and the Financial Services Regulatory Authority (FSRA) of ADGM, to cover not only banks but also financial markets and fintech-related activities,” the two institutions said in a statement.
Singapore and the Abu Dhabi Global Market’s FSRA have other agreements in force, including, for example, the so-called FinTech Innovation and Cross-Border agreement, signed in March.
The signing of the latest MoU took place last week in Abu Dhabi, during an annual Joint Forum of the two jurisdictions.
MAS deputy managing director Ong Chong Tee said the agreement would help to facilitate “greater regulatory and supervisory cooperation between the two authorities”.
The ADGM, pictured above, is Abu Dhabi’s answer to the highly-successful Dubai International Financial Centre (DIFC). It was formally established (by “Federal Decree”) in 2013, and opened for business in the oil-rich emirate – which is home to the Abu Dhabi Investment Authority (ADIA), one of the richest sovereign wealth funds in the world– in October of 2015.