Emirates news agency – Central Bank and Bank of Kyrgyzstan sign memorandum of understanding in the field of banking supervision and control

Abu Dhabi, 31 October / WAM / Sign the Central Bank of the United Arab Emirates and the National Bank of the Kyrgyz Republic; A memorandum of understanding with the aim of defining a general framework for information exchange activities to strengthen cooperation in the field of supervision and control of the banking sector in both countries.
The signing ceremony of the Memorandum of Understanding took place in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and His Excellency Sader Jabarov, President of the Kyrgyz Republic, where it was signed by His Excellency Khalid Muhammad Balama, Governor of the Central Bank of the United Arab Emirates and Mr. Kyrgyzstan.
The MoU includes key areas of joint cooperation, including the control and supervision of authorized financial institutions in both countries, digital innovation in payments and financial services and cross-border payment systems, including retail payments to facilitate more efficient and safer transactions, and frameworks for countering money laundering and countering terrorist financing.The protocol also provides for cooperation in the fields of financial technology (fintech), training and technical assistance to improve professional skills of the workers on both sides.
His Excellency Khalid Muhammad Balama, Governor of the Central Bank of the United Arab Emirates, stressed that “the memorandum of understanding with the National Bank of the Kyrgyz Republic is part of the Central Bank’s enthusiasm to strengthen cooperation and the exchange of experiences with its regional counterparts in the areas of supervision, control and innovation to develop the banking sector, as well as strengthen joint efforts. To combat illegal financial activities that promote the interests of both parties to protect our financial systems. “

For his part, Kubanyshbek Bokontayev, governor of the National Bank of the Kyrgyz Republic, said: “The Memorandum of Understanding signed with the Central Bank of the United Arab Emirates is a milestone for the start of cooperation in the areas of supervision and banking innovation. It also reflects our interest in exchanging experiences and information related to banking supervision, payment systems and digital innovation. “