CBUAE, Bank of Mauritius to enhance supervision of cross-border banking

By Arya M Nair, Intern Reporter
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CBUAE-BoM
Mr. Harvesh Kumar Seegolam & Mr. Khaled Mohamed Balama at the MoU signing ceremony

The Central Bank of the UAE (CBUAE) and the Bank of Mauritius (BoM) have signed a Memorandum of Understanding (MoU) to enhance cooperation in key areas of central banking and share supervisory information.

The MoU, which was signed by Mr. Khaled Mohamed Balama, Governor of the CBUAE, and Mr. Harvesh Kumar Seegolam, Governor of the BoM, covers four activities including, cooperation on supervision, the exchange of supervisory information, developing aspects of financial issues of common concern, and collaboration on capacity building, training and technical assistance.

Under this agreement, the CBUAE and BoM will exchange information during licensing processes and ongoing supervision of banks and other financial institutions operating in both countries to ensure effective cross-border supervision while maintaining complete information confidentiality.

Khaled Mohamed Balama Image
Khaled Mohamed Balama
Governor – CBUAE

“We are keen to strengthen cooperation with our regional partners, including Bank of Mauritius, to achieve common goals in enhancing banking supervision and exchanging the necessary information on other financial and banking fields to protect our financial systems.”

Both parties will also share their experience on the stability and development of financial systems, the performance and development of payments systems, clearing and settlement systems, anti-money laundering and combating the financing of terrorism and proliferation, cyber-security and digital innovation in financial services.

This includes digital currencies, FinTech regulation, private and digital banking, green finance, RegTech and SupTech, which will contribute to achieving the two countries’ common interests.

Earlier this year, CBUAE and the Central Bank of Turkey signed a nearly $5 billion bilateral currency swap agreement in both national currencies. The deal is aimed at bolstering bilateral trade and improving financial cooperation between the two countries.

Related: CBUAE secures top honor for its Performance Improvement


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