The Financial Services Regulatory Authority (FRSA) signed two memoranda of understanding (MoUs) with the Labuan Financial Services Authority (FSA) and the Labuan International Business and Financial Centre (IBFC).
The agreements are intended to stimulate the exchange of information and the support of cross-border regulatory activities.
Financial Services Authorities
The FSA is Malaysia’s statutory financial regulator. The agreement with Abu Dhabi is aimed at sharing information on banking, financial services, securities legislation and regulations in each market between the two markets authorities.
“The MoU signifies an important milestone in international co-operation between the two regulatory authorities” according to Datuk Ahmad Hizzad Baharuddin, director-general of the FSA.
“I believe the bilateral relationship will play a key role in strengthening the supervision of cross-border operations of financial institutions and in fostering regional financial stability and sustainable growth.”
Country development
The IBFC is the organisation entrusted with the Asian country’s market development. It is a wholly-owned subsidiary of the FSA.
As part of their MoU, the FRSA and the IBFC will explore mutually beneficial projects to facilitate long-term opportunities in infrastructure financing, new innovations in areas of fintech and green finance.
“This agreement paves the way for more joint efforts and initiatives and we look forward to working closely with the IBFC to enhance fintech developments, innovation and explore possible cross-border investment activities to serve our markets better,” commented FRSA chief executive Richard Teng.
“There are immense opportunities for corporations and businesses from the Gulf and Asia to be intermediated in the two centres,” said Danial Mah Abdullah, chief executive of the IBFC.
“This MoU comes at an opportune time and augurs well with our commitment to enhance global and regional inter-linkages.”
