Abu Dhabi: Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), Timur Suleimenov, Governor of the National Bank of Kazakhstan, and Madina Abylkassymova, Chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, signed a Memorandum of Understanding aimed at strengthening cooperation and information exchange in areas of mutual interest.
According to Emirates News Agency, the MoU facilitates the exchange of information and expertise on best practices and regulations for developing local financial markets, FinTech, and promoting central bank digital currencies (CBDCs) and enabling their use in cross-border transactions among the participating parties. It also includes the sharing of supervisory information and cooperation in areas such as Islamic banking and finance, cybersecurity, and technical collaboration.
Balama emphasized that this MoU represents the depth and strength of the economic partnership between the UAE and Kazakhstan, promising opportunities for further development in commercial, investment, and financial sectors. The Central Bank's approach aims to enhance cooperation with regional and international partners, expanding joint business opportunities in financial and banking sectors to support the UAE's economic, trade, and investment goals. He expressed enthusiasm for close collaboration with partners in Kazakhstan to enhance financial stability and achieve mutual interests.
Suleimenov highlighted that the collaboration seeks to deepen economic partnerships and advance cooperation in finance, banking, and CBDCs, contributing to sustainable development. He emphasized utilizing expertise in financial technology and payment systems to achieve shared objectives and foster economic prosperity.
Abylkassymova expressed satisfaction with the MoU, which creates a framework for cooperation to enhance financial stability and regulatory practices in both jurisdictions. She commended the UAE's financial sector regulations and looked forward to exchanging expertise to develop world-class financial services and strengthen market regulation, fostering economic and trade cooperation.