emirates7 - Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan (CBAR), have signed a Memorandum of Understanding (MoU) to boost cooperation and facilitate the exchange of expertise and information in key financial sector areas of mutual interest.
The MoU outlines plans for sharing insights into best practices for supervision, regulation, and licensing related to banking and insurance operations, as well as services connected to payments and financial infrastructure systems.
Additionally, the agreement aims to enhance technical collaboration through joint training programs, knowledge-sharing initiatives, collaborative research and studies, and mutual working visits.
Balama stated that the MoU aligns with the UAE’s strategic efforts and leadership vision to deepen economic partnerships with Azerbaijan. He noted that the agreement would broaden the scope of cooperation, ultimately contributing to economic development in both countries.
“We are eager to strengthen our collaboration with Azerbaijan across the banking, financial, and insurance sectors,” he said, “particularly in advancing the financial technology landscape and promoting the adoption of innovative digital payment systems. These efforts will support financial stability, foster sector growth, and reinforce the UAE’s global leadership.”
Kazimov highlighted the significance of the MoU in enhancing financial and economic ties between Azerbaijan and the UAE. He commended the UAE's progress in the financial, banking, and insurance industries, particularly in digital payments and regulatory technology.
“We aim to build a strong and productive relationship with the CBUAE by exchanging expertise in the financial and banking sectors,” he said, “which will play a vital role in bolstering economic, trade, and investment cooperation between our two nations.”
The MoU outlines plans for sharing insights into best practices for supervision, regulation, and licensing related to banking and insurance operations, as well as services connected to payments and financial infrastructure systems.
Additionally, the agreement aims to enhance technical collaboration through joint training programs, knowledge-sharing initiatives, collaborative research and studies, and mutual working visits.
Balama stated that the MoU aligns with the UAE’s strategic efforts and leadership vision to deepen economic partnerships with Azerbaijan. He noted that the agreement would broaden the scope of cooperation, ultimately contributing to economic development in both countries.
“We are eager to strengthen our collaboration with Azerbaijan across the banking, financial, and insurance sectors,” he said, “particularly in advancing the financial technology landscape and promoting the adoption of innovative digital payment systems. These efforts will support financial stability, foster sector growth, and reinforce the UAE’s global leadership.”
Kazimov highlighted the significance of the MoU in enhancing financial and economic ties between Azerbaijan and the UAE. He commended the UAE's progress in the financial, banking, and insurance industries, particularly in digital payments and regulatory technology.
“We aim to build a strong and productive relationship with the CBUAE by exchanging expertise in the financial and banking sectors,” he said, “which will play a vital role in bolstering economic, trade, and investment cooperation between our two nations.”