Abu Dhabi: Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan (CBAR), have formalized a Memorandum of Understanding (MoU) to enhance collaboration and the exchange of expertise in financial sector matters between the two countries.
According to Emirates News Agency, the MoU outlines a framework for exchanging information on supervisory and regulatory practices, licensing processes related to banking and insurance, and services concerning payment and financial infrastructure systems. The agreement also includes provisions for deepening technical cooperation through training, knowledge exchange, joint studies, research, and working visits.
Balama highlighted that the MoU is a reflection of the UAE’s commitment to strengthening economic partnerships with Azerbaijan. He noted that this collaboration is set to expand joint efforts that support the economic growth of both nations. Balama expressed enthusiasm for working closely with Azerbaijan to foster the development of the financial technology sector and promote innovative digital payment solutions, aiming to enhance financial stability and support sectoral growth.
Kazimov emphasized the significance of the MoU in fortifying financial and economic relations between the UAE and Azerbaijan. He commended the UAE’s progress in the financial, banking, and insurance sectors, particularly in regulatory, legislative, and digital payment infrastructure advancements. Kazimov stated that the exchange of experiences in the financial sector will bolster economic, commercial, and investment cooperation between the two countries.