Malaysia’s Labuan Financial Services Authority (Labuan FSA) has signed a memorandum of understanding (MoU) with the Bermuda Monetary Authority (BMA) in a move to enhance regulatory cooperation and supervision between the two bodies.
The virtual signing ceremony was attended by Nik Mohamed Din Nik Musa, Director-General of Labuan FSA, and Craig Swan, Chief Executive Officer of BMA.
The agreement aims to strengthen cooperation and information exchange in the areas of insurance and digital asset businesses, acknowledging the growing globalization of these markets.
Under the MoU, Labuan FSA and BMA will exchange, protect, and return information held by both authorities, while also providing investigative assistance. This will enable both organizations to carry out their duties more effectively.
Nik Mohamed Din emphasized the significance of this collaboration, stating that it represents a major initiative towards achieving enhanced cooperation and synergy between the two authorities.
“I am confident that this MoU will foster greater cooperation and future joint initiatives between Labuan FSA and BMA, reinforcing our shared commitment to ensuring financial stability and driving sound economic growth in both jurisdictions,” he said.
This MoU comes at a time when global efforts are being made to enhance regulatory cooperation and maintain financial stability and integrity, particularly in the areas of digital assets and insurance.
Labuan and Bermuda are both crucial international financial centers, and this agreement will facilitate better regulatory oversight and cooperation in these critical sectors of the global economy.
The announcement also highlighted that the MoU between Labuan FSA and BMA will pave the way for closer regulatory cooperation, which is vital for ensuring financial stability and promoting economic growth in both jurisdictions. This move is of particular importance considering the increasing globalization of insurance and digital asset markets.
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