Abu Dhabi Tax-Free Zone, Singapore Sign Regulatory MoU
by Lorys Charalambous, Lowtax.net, Cyprus
28 November, 2017
Abu Dhabi Global Market and Singapore's central bank recently signed a regulatory cooperation agreement to strengthen cross-border supervision of banking operations.
ADGM is an international financial center located on Al Maryah Island in the United Arab Emirates's capital city of Abu Dhabi. It opened for business in 2015 and offers a range of attractive benefits to firms, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. ADGM permits 100 percent foreign ownership.
The agreement was signed on the sidelines of the tenth annual Abu Dhabi-Singapore Joint Forum in Abu Dhabi, and builds on the existing cooperation framework between the two authorities. It covers the full spectrum of banking, financial markets, and FinTech-related activities.
Ong Chong Tee, Managing Director of the Monetary Authority of Singapore (MAS), commented: "We are pleased to have concluded this supervisory memorandum of understanding (MoU) with ADGM. The memorandum will facilitate greater regulatory and supervisory cooperation between the two authorities. This affirms the strong working relationship between MAS and ADGM's Financial Services Regulatory Authority and our mutual commitment to the close business and investment ties between our two economies."
Richard Teng, CEO of ADGM's regulator, said: "Singapore and the United Arab Emirates share very similar strengths in how we constantly reinvent ourselves to strategically support our robust economies, as well as collaborate with like-minded partners to foster a sound sustainable global financial ecosystem and global market. This partnership is an extension of our commitment to creating and facilitating more cross-border business, growth, and investment opportunities between the two markets. I look forward to working closely with the MAS team, leveraging each other's strengths and expertise to introduce innovative initiatives to better serve the dynamic needs of our markets and the future growth of our economies."
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