ADGM, Japanese Regulators Ink Cooperation Agreement
by Lorys Charalambous, Lowtax.net, Cyprus
22 September, 2017
Abu Dhabi Global Market (ADGM), the low-tax free trade zone in Abu Dhabi, and Japan's Financial Services Agency have agreed to co-operate to promote financial services innovation in both jurisdictions.
The agreement, described as a co-operation framework, provides that they will refer innovative FinTech businesses to their counterpart's dedicated Fintech support hubs. The framework also provides for information sharing, allowing the regulators to keep abreast of regulatory and relevant economic or commercial developments in each other's jurisdictions, which will help to inform domestic regulatory approaches.
Commenting on the signing of the co-operation framework, Richard Teng, CEO of ADGM's regulator, said: "This is the first FinTech collaboration and bridge with our Japanese financial services regulatory counterpart and our fifth with international regulators. This cooperation further deepens the mutually beneficial partnership between Abu Dhabi and Japan. I look forward to working closely and meaningfully with the Financial Services Agency to advance the financial development of our markets."
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