The Central Bank of the UAE said it has recently entered into a MoU with the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA). The MoU puts a mechanism in place for cooperation in regulatory matters and supervision of banks and other financial institutions operating in both jurisdictions and exchange of supervisory information, in line with the Bank for International Settlements Home-Host information sharing, which contributes to the realization of a sound financial system in the UAE. Saeed Abdullah Al Hamiz, assistant governor for Banking Supervision at Central Bank, and Richard Teng, CEO of the ADGM FSRA, signed the MoU. Al Hamiz emphasized the need for cooperation and coordination with supervisory authorities to ensure the stability of the financial system in the UAE.