ABU DHABI, 27th November, 2016 (WAM) — Abu Dhabi Global Market, ADGM, the international financial centre in Abu Dhabi, and FinanceMalta, the organisation responsible for the development of Malta’s financial centre, have signed a Memorandum of Understanding, MoU, to enable further collaboration on joint initiatives and efforts to bolster the growth of the financial markets in both Abu Dhabi and Malta. The agreement was signed in Abu Dhabi by Kenneth Farrugia, Chairman of FinanceMalta, FM, and Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM.
The MoU establishes a strategic platform for ADGM and FinanceMalta to share expertise and pertinent information on banking, financial services and products, securities legislation and regulatory practice in each market. As part of the agreement, ADGM and FM will explore mutually beneficial projects and activities that further develop human capital capabilities and foster greater growth in both financial markets.
Speaking on the occasion, Teng said, “This MoU marks an important development in our on-going engagement and collaboration with FinanceMalta. By harnessing our expertise and experience, financial institutions and companies can further expand their global footprints through ADGM’s internationally recognised platform. I look forward to the two teams working closely and playing our part in developing the financial services sectors in our respective markets, and supporting our businesses and stakeholders in achieving their growth plans.”
Farrugia said, “This MoU marks an important milestone in further strengthening our on-going collaboration with Abu Dhabi Global Market. This MoU will be an important catalyst in our thrust to strengthen the visibility and relevance of Malta as an EU based financial services domicile in the GCC, and we are extremely delighted with this development. We are looking forward to working closely with ADGM to share our respective expertise in international financial services business with the end objective to foster closer collaboration between the financial services operators in our respective jurisdictions, and facilitate contacts for financial market stakeholders and financial delegations interested in the business potential of ADGM.”
Dr. Emmanuel Mallia, Malta’s Minister for Competitiveness and Digital, Maritime and Services Economy, was also present at the signing.