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China, Abu Dhabi in MoU

Abu Dhabi Global Market (ADGM) and China Banking Regulatory Commission (CBRC) have entered in a memorandum of understanding to facilitate co-operation and exchange of information between the jurisdictions. It will also support the exchange of regulatory information and the development of financial institutions in both Abu Dhabi and China. The agreement provides a framework for Financial Services Regulatory Authority (FSRA) and CBRC to render mutual assistance, exchange relevant regulatory information, and co-operate in the supervision and oversight of the compliance of financial institutions with applicable banking laws and regulations. Both authorities will also be able to leverage the MoU to explore and launch mutually beneficial initiatives; such as joint training and technical assistance to strengthen the high regulatory standards and practice in their respective jurisdictions. FSRA CEO Richard Teng said ADGM, as the international financial centre of Abu Dhabi, is committed to play its role as a strategic and economic partner for Chinese stakeholders in advancing their commercial aspirations in this region. He said ADGM looks forward to building a long-term and meaningful relationship with the CBRC and support China’s One Belt, One Road initiative.

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