Abu Dhabi and Malaysia make friends for fintech fantasia
Abu Dhabi Global Market (ADGM), the International Financial Centre of Abu Dhabi, Labuan International Business and Financial Centre (Labuan IBFC) and Labuan Financial Services Authority (Labuan FSA) have partnered to boost their financial ecosystems in Malaysia and Abu Dhabi.
Labuan is a federal territory of Malaysia – and its capital, Victoria, is used as an offshore financial centre.
Two agreements were signed between the Labuan IBFC and ADGM, and the Labuan FSA and the Financial Services Regulatory Authority (FSRA) of ADGM. Labuan IBFC is a wholly-owned subsidiary of Labuan FSA, the statutory regulator.
The memoranda of understanding (MOUs), which build on previous co-operation, will entail the sharing of information on banking, financial services, securities legislation and regulations in each market.
Richard Teng, CEO, Financial Services Regulatory Authority of ADGM, says the deals will also “explore possible cross-border investment activities to better serve our markets and beyond”.
This year, ADGM signed two other co-operation agreements – one with the Australian Securities and Investments Commission (ASIC) in July; and another with the Monetary Authority of Singapore (MAS) in March.
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