UAE and Mauritius sign MoU to enhance Central Bank co-operation
By Leandra Monteiro
The Central Bank of the UAE (CBUAE) and the Bank of Mauritius (BoM) signed a Memorandum of Understanding (MoU) to enhance cooperation in key areas of central banking, and to share supervisory information.
The MoU covers four activities – co-operation on supervision, the exchange of supervisory information, developing aspects of financial issues of common concern, and co-operation on capacity building, training and technical assistance. The MoU was signed by His Excellency Khaled Mohamed Balama, Governor of the CBUAE, and His Excellency Harvesh Kumar Seegolam, Governor of the Bank of Mauritius.
Under this agreement, the CB UAE and BoM will exchange information during licensing processes, and ongoing supervision of banks and other financial institutions operating in both countries, in an effort to ensure effective cross-border supervision, while maintaining complete information confidentiality.
Both parties will also share experience on the stability and development of financial systems, the performance and development of payments systems, clearing and settlement systems, anti-money laundering and combatting the financing of terrorism and proliferation, cyber-security, and digital innovation in financial services. This includes digital currencies, FinTech regulation, private and digital banking, green finance, RegTech and SupTech, which will contribute to achieving the common interests of the two countries.
Commenting on the MoU signing, H.E. Khaled Mohamed Balama, Governor of the CBUAE, said, “We are keen to strengthen co-operation with our regional partners, including Bank of Mauritius, to achieve common goals in enhancing banking supervision, and exchanging the necessary information on other financial and banking fields to advance the interests of both parties to protect our financial systems.”
IBSi Daily News Analysis
March 05, 2024
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