June 22, 2024

CBUAE MoU signing agreement with Jordan, Egypt boosts Financial-Banking relations

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His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), H.E. Tarek Hassan Amer, Governor of the Central Bank of Egypt, and H.E. Dr. Adel Ahmad Al-Sharkas, Governor of the Central Bank of Jordan signing the MoU

His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), met H.E. Tarek Hassan Amer, Governor of the Central Bank of Egypt, and H.E. Dr. Adel Ahmad Al-Sharkas, Governor of the Central Bank of Jordan in Abu Dhabi recently in the presence of senior officials from the three Central Banks.

Industry sources added that this meeting follows the announcement of the industrial partnerships for sustainable economic development between the three nations in late May, and replicates the vision of the national leadership to boost the economic partnership aimed at sustainable development. The meeting touched upon ways to develop cooperative relations in the financial sectors.

Additionally, Central Bank governors of the three nations discussed prospects for collaboration expansion in the supervision of licensed financial institutions’ information and expertise exchange, benefiting from joint experiences in the Fintech sector, the development of payment systems and technical skills for specialized cadres, as well as technical assistance in the financial sector.

At the end of the meeting, H.E. Khaled Mohamed Balama, Governor of the CBUAE, and H.E. Dr. Adel Ahmed Al Sharkas, Governor of the Central Bank of Jordan, signed a Memorandum of Understanding (MoU) to enhance financial and banking co-operation.

The governors stressed that their industrial partnership displayed a new phase of enhancing financial relations and contributes to achieving sustainable economic growth in the three countries. They confirmed their commitment to deepen cooperation in the financial sector to make this partnership successful and to achieve its objectives.

CBUAE added that the MoU covers cooperative mechanisms of supervision, information exchanges to facilitate their monitoring and supervision mandates, and their role in ensuring financial stability. It also specifies joint collaboration in areas of payment systems, Fintech, training and building professional capabilities, and technical and experience exchanges

H.E. Khaled Balama also signed an MoU with H.E. Tarek Hassan Amer, Governor of the Central Bank of Egypt, a supplement to an earlier agreement signed in 2021. This consists of new articles related to the objectives and scope of cooperation and Fintech collaboration, including the development of projects and initiatives such as a common “sand-box” and the development of strategies to enhance competitiveness and digital transformation in the financial sector. An additional article covers training and technical co-operation to enhance the professional skills of both parties’ staff.

Commenting on the meeting, H.E. Khaled Mohamed Balama, Governor of the CBUAE, stated: “We are keen to strengthen cooperation with our partners in Egypt and Jordan in the financial sector to achieve sustainable growth and prosperity for all of us, and promote investments, trade relations, economic partnership and to meet the mutual interests of the three countries.

H.E. further stated: “The MoU with the Central Bank of Jordan, and the supplementary MoU with the Central Bank of Egypt constitute a framework for exploring opportunities for future cooperation with the two countries, building on the strong relationship between our financial systems and the economies of our countries.”

H.E. Dr. Adel Ahmad Al-Sharkas, Governor of the Central Bank of Jordan, said: “We seek through the MoU with the Central Bank of the UAE to create a comprehensive supervisory and monitoring framework on the financial and banking services in both countries. This will enhance financial stability, efficiency, and integrity requirements in the provision of financial and banking services, as part of digital transformation initiatives which facilitated intra-financial transactions.”

H.E. added: “We look forward to the co-operation with the Central Bank of the UAE to further adopt financial technology in providing financial and banking services and keep pace with the market development, and to provide a common environment to embrace creative ideas and talents in the modern financial technology.”

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