CBUAE And National Bank Of Kazakhstan Sign MoU To Strengthen Financial Cooperation And Regulatory Practices

The Central Bank of the UAE (CBUAE) and the National Bank of Kazakhstan have signed a Memorandum of Understanding (MoU) with the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market. This agreement aims to enhance cooperation and information sharing in areas of mutual interest.

The MoU facilitates the exchange of expertise on financial market development, FinTech, and central bank digital currencies (CBDCs). It also promotes their use in cross-border transactions among the involved parties. Additionally, it covers supervisory information sharing, Islamic banking, cybersecurity, and technical cooperation.

Khaled Mohamed Balama, Governor of CBUAE, highlighted that this MoU reflects the strong economic ties between the UAE and Kazakhstan. He noted that it opens new opportunities for collaboration in commercial, investment, and financial sectors. The Central Bank's proactive stance aims to deepen joint business ventures to support UAE's economic goals.

Timur Suleimenov, Governor of the National Bank of Kazakhstan, expressed that this collaboration seeks to deepen economic partnerships. It focuses on advancing finance, banking, and CBDCs to drive sustainable development. He emphasised using financial technology expertise to achieve shared goals and promote economic prosperity.

Madina Abylkassymova from Kazakhstan's financial regulatory agency expressed satisfaction with signing the MoU with CBUAE. She stated that it creates a framework for cooperation to improve financial stability and regulatory practices in both regions. She praised UAE's financial regulations and looks forward to exchanging expertise for developing top-tier financial services.

Balama added that they anticipate working closely with Kazakh partners to enhance financial stability and develop the financial system further. He stressed achieving mutual interests through this collaboration.

Suleimenov reiterated that their partnership aims at fostering economic prosperity by leveraging expertise in financial technology and payment systems. This collaboration is expected to advance cooperation in finance and banking sectors significantly.

This agreement marks a significant step towards strengthening economic ties between the UAE and Kazakhstan. By focusing on key areas like FinTech and CBDCs, both nations aim to foster sustainable development while enhancing their respective financial systems.

With inputs from WAM