Singapore strengthens its link with ADGM

The Monetary Authority of Singapore has built on an existing agreement with the Abu Dhabi Global Market (ADGM) to strengthen collaboration on regulation.

The agreement is designed to improve the supervision of cross-border banking operations, said the authority in a statement.

“Singapore and the UAE share very similar strengths in how we constantly reinvent ourselves to strategically support our robust economies,” said Richard Teng, chief executive of ADGM’s regulator.

Teng is the former chief regulatory officer of the Singapore Exchange.

The Monetary Authority of Singapore says the new deal builds on an agreement, signed in March 2017, “to cover the full spectrum of banks, financial markets and fintech-related activities”.

©2017 funds global mena

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