UAE - Mubasher: The Abu Dhabi Global Market (ADGM) and Beijing Municipal Bureau of Local Financial Regulation signed a memorandum of understanding (MoU) to promote investment and financial development between Beijing and Abu Dhabi.
The protocol is a part of the UAE-China Comprehensive Strategic Partnership led by the state leaders of both countries, according to a statement released on Wednesday.
“As regulators, the Beijing Municipal Bureau and ADGM are aligned on the importance of maintaining a robust and well-regulated marketplace to attract more investments and growth,” CEO of the Financial Services Regulatory Authority (FSRA) of ADGM, Richard Teng, said.
The MoU sets the framework for ADGM and Beijing Municipal Bureau to support key financial institutions of leading sectors including investment management, wealth management, and financial technology in Abu Dhabi and the Middle East region seeking to explore and establish their businesses in Beijing.
“We will bring into play the advantages of international financial institutions, foster financial openness, attract more foreign financial institutions, and further develop foreign finance in our marketplace,” director of Beijing Municipal Bureau of Local Financial Supervision, Huo Xuewen, commented.
