The UAE Central Bank (CBUAE) signed a Memorandum of Understanding (MoU) with the National Bank of Kazakhstan and Agency of Kazakhstan. The agreement is aimed at strengthening cooperation and information exchange in areas of mutual interest, WAM reported.
The agreement was signed by Khaled Mohamed Balama, governor of the Central Bank of the UAE, alongside Timur Suleimenov, governor of the National Bank of Kazakhstan, and Madina Abylkassymova, chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market.
Exchange of information and best practices
As part of the MoU, the three parties will engage in the exchange of information and expertise regarding best practices and regulations for developing local financial markets, FinTech, and promoting central bank digital currencies (CBDCs), as well as enabling their use in cross-border transactions among the participating parties. This initiative is pivotal for advancing Central Bank cooperation UAE Kazakhstan.
Areas of collaboration
The MoU encompasses the sharing of supervisory information and aims to facilitate cooperation in various domains, including Islamic banking and finance, cybersecurity, and technical collaboration. Additionally, this multifaceted approach is essential for driving a robust financial ecosystem that benefits both countries.
Read more: UAE and Kazakhstan Presidents discuss bilateral relations, issues of shared interest
Vision for economic partnership
Balama expressed that this MoU symbolizes the depth and strength of the economic partnership between the UAE and Kazakhstan, opening significant opportunities for institutions to further develop this collaboration in commercial, investment, and financial sectors. The Central Bank’s proactive stance broadens cooperation with regional and international partners, deepening joint business opportunities in the financial and banking sectors, ultimately supporting the UAE’s economic, trade, and investment objectives.
“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 further added, emphasizing the importance of Central Bank cooperation UAE Kazakhstan.
Commitment to sustainable development
Moreover, Suleimenov remarked, “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.” This commitment underscores the strategic importance of Central Bank cooperation UAE Kazakhstan.
Enhancing regulatory practices
Furthermore, Abylkassymova stated, “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.”
