Abu Dhabi Global Market (ADGM) has entered into its first collaboration with an Asian financial regulator, with the signing of a memorandum of understanding with the China Banking Regulatory Commission (CBRC).
The Abu Dhabi financial free zone yesterday said that the MoU, signed last week by its Financial Services Regulatory Authority (FSRA), will “facilitate cooperation and the exchange of information that supports the exchange of regulatory information as well as the development of financial institutions in both jurisdictions”.
The MoU comes after representatives of ADGM and the Abu Dhabi Exchange conducted a series of meetings with key financial authorities in Shanghai in February.
“ADGM is committed to playing its role as a strategic and economic partner for Chinese stakeholders in advancing their commercial aspirations in this region,” said Richard Teng, FSRA’s chief executive.
“Similarly, ADGM supports its local stakeholders in their aspirations to expand their engagement with China. We look forward to building a long-term and meaningful relationship with the China Banking Regulatory Commission.”
The MoU comes four months after China included the UAE in its Renminbi Qualified Foreign Institutional Investor quota of 50 billion yuan (Dh28.32bn), to promote bilateral trade and investment.
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