emirates7 - 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 the Financial Market, have signed a Memorandum of Understanding (MoU) to enhance collaboration and information exchange in key areas of shared interest.
Under the MoU, the parties will share knowledge and best practices related to the development of local financial markets, FinTech, and the promotion of central bank digital currencies (CBDCs), particularly for use in cross-border transactions between the involved parties.
The MoU also covers the exchange of supervisory information, cooperation in Islamic banking and finance, cybersecurity, and technical collaboration.
Balama emphasized that this MoU reflects the strong economic ties between the UAE and Kazakhstan, offering new opportunities for both countries to enhance their partnership in the commercial, investment, and financial sectors. He noted that the Central Bank’s proactive approach aims to strengthen cooperation with regional and global partners, fostering joint business prospects in finance and banking to support the UAE’s broader economic and investment goals.
Suleimenov stated that the partnership between the Central Bank of the UAE and the National Bank of Kazakhstan aims to deepen economic ties and promote cooperation in finance, banking, and CBDCs, contributing to sustainable development. He expressed confidence that their expertise in financial technology and payment systems would drive shared objectives and economic growth.
Abylkassymova expressed her satisfaction with the signing of the MoU, highlighting that it establishes a framework for cooperation to improve financial stability and regulatory practices in both countries. She commended the UAE’s financial sector regulations and looked forward to sharing expertise to enhance financial services and market regulation, which would support economic and trade cooperation.
Under the MoU, the parties will share knowledge and best practices related to the development of local financial markets, FinTech, and the promotion of central bank digital currencies (CBDCs), particularly for use in cross-border transactions between the involved parties.
The MoU also covers the exchange of supervisory information, cooperation in Islamic banking and finance, cybersecurity, and technical collaboration.
Balama emphasized that this MoU reflects the strong economic ties between the UAE and Kazakhstan, offering new opportunities for both countries to enhance their partnership in the commercial, investment, and financial sectors. He noted that the Central Bank’s proactive approach aims to strengthen cooperation with regional and global partners, fostering joint business prospects in finance and banking to support the UAE’s broader economic and investment goals.
Suleimenov stated that the partnership between the Central Bank of the UAE and the National Bank of Kazakhstan aims to deepen economic ties and promote cooperation in finance, banking, and CBDCs, contributing to sustainable development. He expressed confidence that their expertise in financial technology and payment systems would drive shared objectives and economic growth.
Abylkassymova expressed her satisfaction with the signing of the MoU, highlighting that it establishes a framework for cooperation to improve financial stability and regulatory practices in both countries. She commended the UAE’s financial sector regulations and looked forward to sharing expertise to enhance financial services and market regulation, which would support economic and trade cooperation.