UAE and Kazakhstan Strengthen Financial Ties with Strategic MoU
The MoU, signed by Khaled Mohamed Balama, Governor of the 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, aims to facilitate deeper collaboration across several critical areas.
Under the agreement, the institutions will exchange expertise and supervisory information related to local financial markets, FinTech, and central bank digital currencies (CBDCs), particularly their use in cross-border transactions. The cooperation also extends to Islamic finance, cybersecurity, and broader technical development.
Balama highlighted the MoU as a testament to the growing UAE–Kazakhstan economic partnership. 'This agreement opens new avenues for cooperation in the financial sector, supporting the UAE's broader economic and investment objectives,'
he said.
Suleimenov echoed this sentiment, emphasizing shared ambitions for sustainable development and financial innovation. 'Together, we aim to drive forward initiatives in CBDCs, payments, and banking to foster regional prosperity,' he stated.
Abylkassymova noted the significance of this framework in enhancing regulatory practices. 'This partnership reflects our mutual commitment to building robust financial services and promoting trade and economic cooperation,'
she added.
The MoU marks a strategic step in unifying efforts to develop resilient financial systems, with both nations leveraging their strengths to navigate the evolving global financial landscape.
News Source: Emirates News Agency
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