Abu Dhabi: Central Bank governors of the UAE, Egypt and Jordan met on Tuesday to discuss opportunities for collaboration expansion in financial sector.
This includes the supervision of licensed financial institutions; information and expertise exchange; benefiting from joint experiences in the fintech sector; development of payment systems and technical skills for specialised cadres; and technical assistance in the financial sector.
This comes after the three nations forged partnership for sustainable economic in May.
Khaled Mohamed Balama, Governor of the CBUAE said: "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."
After the meeting CBUAE and Central bank of Jordan signed a Memorandum of Understanding (MoU) to enhance financial and banking co-operation.
The MoU covers co-operative mechanisms of supervision, information exchanges 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.
Balama also signed an MoU with 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 enhancing 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.
"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 co-operation with the two countries, building on the strong relationship between our financial systems and the economies of our countries," said the Governor of CBUAE.
“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,” said Dr. Adel Ahmad Al-Sharkas, Governor of the Central Bank of Jordan. “This will enhance financial stability, efficiency and integrity requirements in the provision of financial and banking services.”
