CBUAE signs MoU with National Bank of Kazakhstan, Agency of Kazakhstan for Regulation and Development of Financial Market
ABU DHABI (WAM) Governor of the Central Bank of the UAE (CBUAE), Khaled Mohamed Balama, Governor of the National Bank of Kazakhstan, Timur Suleimenov, and Chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, Madina Abylkassymova, signed a Memorandum of Understanding aimed at strengthening cooperation and information exchange in areas of mutual interest.As part of the MoU, the three parties will exchange information and expertise on best practices and regulations for developing local financial markets, FinTech, and promoting central bank digital currencies (CBDCs) and enabling their use in cross-border transactions among the participating parties.The MoU includes the sharing of supervisory information, facilitating cooperation in the areas of Islamic banking and finance, cybersecurity, and technical cooperation.Balama said that this MoU embodies the depth and strength of the economic partnership between the UAE and Kazakhstan, and opens broad prospects for the institutions to further develop this partnership in the commercial, investment, and financial sectors. The Central Bank's proactive approach expands cooperation with regional and international partners, deepening joint business opportunities in the financial and banking sectors to support the UAE's economic, trade, and investment goals."We look forward to close collaboration with our partners in Kazakhstan to enhance financial stability, develop the financial system, and achieve our mutual interests,' he added.Suleimenov, in turn, stated, 'The collaboration between the Central Bank of the UAE and the National Bank of Kazakhstan aims to deepen economic partnerships and advance cooperation in finance, banking and CBDCs, driving sustainable development. We will use our expertise in financial technology and payment systems to achieve shared objectives and foster economic prosperity.'
Abylkassymova said, 'We are pleased to sign this MoU with the Central Bank of the UAE, creating a framework for cooperation to enhance financial stability and regulatory practices in both jurisdictions. We commend the UAE's financial sector regulations and look forward to exchanging expertise to develop world-class financial services and strengthen market regulation, fostering economic and trade cooperation.'
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