Accord signed to promote innovation in financial sector

MANAMA: Abu Dhabi Global Market (ADGM) and Central Bank of Bahrain (CBB) have signed a memorandum of understanding (MoU) to promote and facilitate innovation in financial services across the UAE and Bahrain.

The agreement was signed in Manama by UAE Minister of Foreign Affairs and International Co-operation Shaikh Abdullah bin Zayed Al Nahyan and Foreign Minister Shaikh Khalid bin Ahmed Al Khalifa.

The MoU provides an official platform for both authorities to co-operate on initiatives and regulatory efforts to advance the development of the financial sectors in each other’s market.

With the agreement, the CBB and ADGM teams can further exchange relevant information and collaborate on supervision of fintech companies.

This enhanced partnership augments ADGM’s and CBB’s ongoing commitment in supporting the fintech and entrepreneurial communities, and stimulating greater growth in the UAE, Bahrain and wider Mena region.

Fintech and digital transformation are fundamental to the Abu Dhabi and Bahrain business communities.

Both the CBB and ADGM are members of the recently established Global Financial Innovation Network, a group of 12 regulators which seek to provide a more efficient way for innovative firms to interact with regulators and create a new framework for co-operation between regulators on financial innovation, stability, integrity, customer outcomes and inclusion.

Source: http://www.gdnonline.com/Details/430482