Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has signed agreements to strengthen cross-border co-operation with the Malta Financial Services Authority (MFSA) and Australian Prudential Regulation Authority (APRA).

The MoUs aim to further collaboration on joint initiatives and bolster the growth of the financial markets.

Joseph V Bannister, chairman of the Malta Financial Services Authority said: “The main objective of the Memorandum of Understanding is to create a formal framework for regulatory collaboration between the two Authorities.

“Such collaboration should prove beneficial in protecting investors, promoting the integrity of regulated markets and bolstering the growth of financial services in both markets. This will be achieved by providing clear means for co-operation between the two Authorities including channels of communication, increased mutual understanding, exchange of regulatory experience and technical information and investigative assistance.”

Richard Teng, chief executive officer, FSRA of ADGM said, “Malta and Abu Dhabi have established years of great friendship, robust trade and investment initiatives. We are pleased to further our partnership with Malta FSA through closer collaboration in efforts to uphold high regulatory practice and standards in our respective jurisdictions.

“By harnessing joint efforts and regulatory co-operation, financial institutions and companies can further expand their global footprints through ADGM’s internationally recognised platform. We look forward to working closely with the MFSA to leverage each other’s regulatory experience and insights and bolster the growth of financial services in both markets.”

“We are pleased to deepen our on-going engagement and collaboration with APRA,” Teng added.

“By harnessing our expertise and experience, financial institutions and companies from both markets can further expand their global footprints via each other’s internationally recognised platforms. I look forward to the two teams working closely together in leveraging each other’s regulatory experience and insights, developing the financial services sectors, and supporting our stakeholders in achieving their growth plans.” – TradeArabia News Service