Emirates News Agency – CBUAE, National Bank of Kyrgyzstan sign MoU on banking sector supervision

ABU DHABI, thirty first October, 2022 (WAM) — The Central Financial institution of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) with the Nationwide Financial institution of the Kyrgyz Republic to ascertain an association for sharing supervisory info to boost co-operation within the space of banking supervision.

The signing ceremony befell within the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Sadyr Japarov, President of the Kyrgyz Republic.

The MoU was signed by Khaled Mohamed Balama, Governor of the Central Financial institution of the U.A.E., and Kubanychbek Bokontayev, Governor of the Nationwide Financial institution of the Kyrgyz Republic.

The MoU stipulates co-operation in supervision of licensed monetary establishments, digital innovation in cost, monetary providers and cross-border cost techniques, together with retail cost to facilitate transactions extra effectively and securely. It additionally states co-operation in anti-money laundering and counter-financing of terrorism (AML/CFT), monetary know-how initiatives, coaching and technical help to boost the skilled expertise of workers of each events.

Commenting on the MoU, Khaled Balama mentioned, “This MoU with the Nationwide Financial institution of the Kyrgyz Republic displays our keenness to advertise co-operation and expertise alternate with regional friends in supervision and innovation to develop the monetary sector. It additionally helps the regulatory authorities’ effort in combating unlawful monetary actions, which might defend our monetary techniques.”

Kubanychbek Bokontayev mentioned, “The signed MoU with the Central Financial institution of the UAE will probably be a foundation for establishing the co-operation in banking supervision and improvements between our establishments and mirror our intentions and curiosity in expertise and knowledge alternate in banking supervision, cost techniques and digital improvements.”