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The Central Bank of Bahrain (CBB) signed a Memorandum of Understanding (MOU) with the Monetary Authority of Singapore (MAS) at the 16th World Islamic Banking Conference (WIBC) in Bahrain.
The MOU will help to strengthen the relationship between Bahrain and Singapore. It will provide a formal basis for support and co-operation between CBB and MAS. The MOU will also help to strengthen the supervision of cross-border operations through data sharing and aid co-operation in staff training. The MOU was signed by CBB Governor Rasheed Al Maraj and MAS managing director Heng Swee Keat on the sidelines of the WIBC.
Bahrain's Economic Development Board (EDB) chief executive Shaikh Mohammed bin Essa Al Khalifa said: "This deal will help to further strengthen our relationship with one of our key international partners. At a time when the world's economic power is shifting east, we are delighted to have such a strong partner in Singapore.
"Bahrain is committed to transparency and international co-operation in financial services and this deal will help us to maintain that commitment. We take pride in the quality of our regulation and we look forward to working with MAS to continue this tradition."
The EDB has the overall responsibility for formulating and overseeing the economic strategy of the kingdom and for creating the right climate to attract inward foreign investment. This announcement signals a commitment to support Bahrain's economic development as outlined in Vision 2030 and the National Economic Strategy, which seeks ultimately to improve the life of every Bahraini.
Bahrain and Singapore share several synergies beyond strong regulation. Both are advanced logistics hubs, serving as strategic gateways to the Gulf and Asia regions respectively, are well established financial centres and have each signed a Free Trade Agreement with the United States.
Last year, the countries' stock exchanges entered into a MOU to explore opportunities for collaboration to benefit their financial services industries.
