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Dubai Financial Services Authority and the Central Bank of Brunei Darussalam have signed MoU.

by Swati Gupta

April 4, 2023 10

The Dubai Financial Services Authority (DFSA) and the Central Bank of Brunei Darussalam (CBB) have signed a Memorandum of Understanding (MoU) to enhance cooperation in the areas of banking and financial services.

The MoU was signed by Bryan Stirewalt, Chief Executive of the DFSA, and Yang Mulia Dato Seri Paduka Awang Haji Mohd Rosli bin Haji Sabtu, Governor of CBB.

The agreement aims to facilitate the exchange of information between the two regulatory bodies, promoting collaboration and coordination on various initiatives related to banking and financial services. The MoU covers areas such as the supervision of financial institutions, licensing and authorisation, compliance and enforcement, and risk management.

Bryan Stirewalt said that the MoU would help strengthen the relationship between the DFSA and CBB, and promote greater cooperation in the areas of banking and financial services. He also emphasized that the DFSA is committed to working with other regulatory bodies to promote the highest standards of regulatory practice and to protect the interests of investors and consumers.

Yang Mulia Dato Seri Paduka Awang Haji Mohd Rosli bin Haji Sabtu said that the agreement would help enhance the regulatory framework for banking and financial services in Brunei Darussalam, and promote the development of a more robust and resilient financial system.

The signing of the MoU comes as both countries seek to promote greater economic and financial ties. Brunei Darussalam is a member of the Association of Southeast Asian Nations (ASEAN) and has been actively seeking to develop its financial services industry. The country’s banking sector has been growing rapidly in recent years, with several new banks entering the market and existing banks expanding their operations.

Dubai, on the other hand, is one of the leading financial centers in the Middle East and is home to a number of international banks, financial institutions, and other companies. The city is also a hub for Islamic finance, with a number of leading Islamic banks and financial institutions headquartered in the city.

The signing of the MoU is expected to help further strengthen ties between the two countries and promote greater cooperation in the areas of banking and financial services. It is also expected to facilitate the exchange of expertise and best practices between the Dubai Financial Services Authority and CBB, helping to promote the development of a more efficient and effective regulatory framework for the banking and financial services industry in both countries.

In recent years, the Dubai Financial Services Authority DFSA has been actively seeking to enhance cooperation with other regulatory bodies in the region and around the world. The regulatory body has signed several MoUs with other regulators, including the Financial Services Regulatory Authority of Abu Dhabi, the Securities and Futures Commission of Hong Kong, and the Australian Securities and Investments Commission.

The DFSA has also been working to enhance its regulatory framework, introducing new rules and regulations aimed at promoting greater transparency and accountability in the financial services industry. In 2020, the Dubai Financial Services Authority introduced a new regime for the regulation of fintech companies, aimed at promoting innovation and supporting the development of a more diverse and competitive financial services industry.

The signing of the MoU with the CBB is expected to further strengthen the DFSA’s efforts to promote greater cooperation and coordination with other regulatory bodies, and to enhance the regulatory framework for banking and financial services in the region.

Overall, the signing of the MoU between the Dubai Financial Services Authority and CBB is expected to help promote greater economic and financial ties between the UAE and Brunei Darussalam, and to enhance the regulatory framework for the banking and financial services industry in both countries. The agreement is also expected to help promote the development of a more efficient and effective regulatory framework for the banking and financial services industry in the region.

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