South Africa and Abu Dhabi joins forces to develop financial sector
They signed an agreement that supports the continuous development of financial products.South Africa’s financial services regulator (FSB) has signed a Memorandum of Understanding (MoU) with Abu Dhabi’s financial free zone (ADGM) to enable greater collaboration on regulatory matters and facilitate the exchange of information.
"This MoU presents both institutions with an opportunity to strengthen cross-border ties, thus promoting integrity, efficiency and financial soundness through effective regulation of their respective jurisdictions, FSB's executive officer Dube Tshidi said in a statement.
Richard Teng, the CEO of ADGM, added: "The MoU recognises our shared ambition to foster greater investor protection and support the continuous development, innovation and supervision in financial products and activities."
The financial sector in South Africa is well developed and comprises 30 banks with almost 4,000 branches.
The Johannesburg Stock Exchange is currently ranked the 19th largest stock exchange in the world by market capitalisation and the largest exchange in the African continent.