The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MoU) with the Dubai Financial Services Authority (DFSA), which regulates financial services in the Dubai International Financial Centre.

The MOU provides a formal basis for supervisory cooperation between the two authorities in banking, insurance and capital markets. It facilitates the exchange of information for supervisory purposes between the two authorities. Such cooperation helps to strengthen the supervision of cross-border operations of financial institutions under their purview.

The MOU was signed by Mr David Knott, DFSA Chairman & CEO and Ms Teo Swee Lian, Deputy Managing Director (Prudential Supervision), MAS.

The MOU will take immediate effect.