UAE – Mubasher: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and Toronto Finance International (TFI), a public-private partnership between Canada’s largest financial services institutions and the government, announced they have signed a memorandum of understanding (MoU).
Under the MoU, the two parties will boost their collaboration on joint initiatives and efforts to support the growth of the financial markets in Abu Dhabi and Toronto, according to a press release.
The MoU was signed by President and CEO of TFI Jennifer Reynolds and CEO of the FSRA of ADGM Richard Teng at the FinTech Abu Dhabi Festival in Abu Dhabi.
Richard Tend commented: "This MoU marks an important development in our on-going engagement and collaboration with Toronto Finance International. Together, the two financial centres are able to explore efforts and facilitate cross-border opportunities in the areas of FinTech, asset management and sustainable finance to address the evolving needs of our stakeholders and markets.”
For her part, Jennifer Reynolds said: "We are very pleased to establish an MoU with the Financial Services Regulatory Authority of ADGM to further strengthen opportunities for collaboration. Our financial services sectors share a common focus on fostering innovation, growing sustainable finance capacity, and driving investment opportunities between our two global financial centres.”
This partnership marks a strategic platform for both financial centres and enables them to share expertise and exchange industry insights such as financial services legislation, regulatory frameworks, and best practices to better serve the needs of stakeholders in each jurisdiction.
Furthermore, ADGM and TFI will work jointly to explore common projects and activities in order to improve human capital capabilities and bolster growth in both financial markets.
