Labuan Offshore Financial Services Authority deputy director-general Danial Mah Abdullah.
KUALA LUMPUR: Labuan International Business and Financial Centre (Labuan IBFC), Labuan Financial Services Authority (Labuan FSA) and Abu Dhabi Global Market (ADGM) inked two separate memorandums of understanding (MoUs) to collaborate on joint financial activities and regulatory practice.
The partnerships aimed to foster greater collaboration on joint financial activities and regulatory practice that support the growth and development in both financial ecosystems in Labuan and Abu Dhabi, said Labuan FSA and Labuan IBFC in a joint statement on Friday.
Labuan IBFC Inc Sdn Bhd signed an agreement with ADGM while Labuan FSA and the Financial Services Regulatory Authority (FSRA) of ADGM entered into another agreement.
ADGM, an international financial centre located in the United Arab Emirates’ (UAE) capital, Abu Dhabi, anchored on three strategic strengths - private banking, wealth management and asset management.
Under the agreement, ADGM and Labuan IBFC will explore mutually beneficial projects to facilitate long-term opportunities in infrastructure financing, new innovations in areas of financial technology (fintech) and green finance. The FSRA and Labuan FSA will focus on regulatory cooperation for the supervision of financial institutions, joint collaboration and exchange of information, as well as cross-border activities in the Malaysian and Abu Dhabi financial sectors.
Labuan FSA director-general Datuk Ahmad Hizzad Baharuddin said the MoU would pave ways for mutual assistance and sharing of supervisory information between Labuan FSA and ADGM-FSRA to strengthen 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,” he added.
ADGM-FSRA chief executive officer (CEO) Richard Teng said the agreement encouraged more joint efforts and initiatives in enhancing fintech development, innovation and possible cross-border investment.
“Together, we can work closely in advocating a well-regulated environment and promoting high regulatory standards and practices among business communities in the UAE and Asia,” added Teng.
Meanwhile, Labuan IBFC Inc CEO, Danial Mah Abdullah, said there were immense opportunities for corporations and businesses from the Gulf and Asia to be intermediated in the two centres.
“This MoU comes at an opportune time and augurs well with our commitment to enhance global and regional interlinkages,” he added. - Bernama
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