Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

ABU DHABI GLOBAL MARKET INKS NEW PARTNERSHIPS WITH LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE & LABUAN FINANCIAL SERVICES AUTHORITY FOSTERING A MUTUALLY BENEFICIAL RELATIONSHIP, SPURRING INNOVATION

 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 entered new partnerships to foster greater collaboration on joint financial activities and regulatory practice that support the growth and development in both financial ecosystems in Labuan, Malaysia and Abu Dhabi.

Two agreements were signed between the Labuan IBFC IncSdnBhd and ADGM, and the Labuan FSA and the Financial Services Regulatory Authority (FSRA) of ADGM. Labuan IBFC IncSdnBhd is the organisation entrusted with market development for Labuan IBFC, the jurisdiction and is a wholly-owned subsidiary of Labuan FSA, the statutory regulator entrusted to manage the international business and financial centre.

The MOUs established a strategic platform for Labuan FSA and the FSRA to better understand and share pertinent information on banking, financial services, securities legislation and regulations in each market.

As part of their agreement, ADGM and Labuan IBFC will explore mutually beneficial projects to facilitate long term opportunities in infrastructure financing, new innovations in areas of Fintech and green finance. The FSRA and Labuan FSA will focus on regulatory cooperation for the supervision of financial institutions, as well as, the joint collaboration and exchange of information as well as support cross border activities in the Abu Dhabi and Malaysian financial sectors. The Authorities are also prepared to develop relevant activities and events that foster financial innovation and closer regulatory cooperation in both jurisdictions.

Datuk Ahmad HizzadBaharuddin, Director-General of Labuan FSA said: “The MoU signifies an important milestone in international cooperation between the two regulatory authorities. It will pave the way for mutual assistance and sharing of supervisory information between Labuan FSA and ADGM-FSRA to strengthen the supervision of cross-border operations of financial institutions under their purview. I believe the bilateral relationship will play a key role in fostering regional financial stability and sustainable growth”.

Mr Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM, said: “We are pleased to continue nurturing this strategic relationship with our Asian partners of the Labuan IBFC and Labuan FSA. As an International Financial Centre, ADGM aims to further bolster financial services activities, facilitate investment flows and encourage business innovation. This agreement paves the way for more joint efforts and initiatives and we look forward to working closely with the team to enhance Fintech developments, innovation and explore possible cross-border investment activities to better serve our markets and beyond. Together, we can work closely in advocating a well-regulated environment and promoting high regulatory standards and practice among our business communities in the UAE and Asia.”

ADGM will continue to cultivate meaningful cooperation and partnerships with authorities and stakeholders both locally and globally as part of its role as a global citizen in the world’s economy.

In addition, DanialMah Abdullah, Chief Executive Officer of Labuan IBFC IncSdnBhd, said: “We are indeed looking forward to this exciting phase in partnership. This MoU evidences our intention of working even more closely with ADGM towards achieving our common goals, whilst ensuring closer cooperation in creating synergistic opportunities and greater market development between the two international business and financial centres.

“Labuan IBFC is a business-friendly and yet well-regulated centre, offering substance-enabling solutions to Asia, an economically growing region. We strongly believe that there are immense opportunities for corporation and businesses from the Gulf and Asia to be intermediated in the two centres. Hence, this MOU comes at an opportune time and augurs well with our commitment to enhance global and regional interlinkages.”