Abu Dhabi Global Market (ADGM) and the National Bank of Serbia (NBS) have inked a memorandum of understanding (MoU) to boost cross-border collaboration in their financial markets.

Under the agreement, the two parties will strengthen regulatory cooperation for the supervision of financial institutions in the two markets.

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The two parties will also exchange data to support the well-functioning of financial institutions in both jurisdictions.

ADGM Financial Services Regulatory Authority CEO Richard Teng said: “This MoU reinforces ADGM’s on-going commitment to establishing meaningful collaborations with regional stakeholders to uphold high regulatory standards and mutually support cross-border activities.  

“I look forward to both teams working closely together in areas including sharing regulatory expertise and insights to bolster the growth of financial services in both markets.” 

NBS governor Jorgovanka Tabakovic added: “The MOU provides a framework for a regular exchange of information, consultation and cooperation between our two institutions. The National bank of Serbia (NBS) has entered into MOU with ADGM to gives its full contribution to intensifying mutual co-operation. NBS would further support cooperation in the economic and banking field between our two institutions and countries.”

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ADGM has previously signed similar collaboration agreements with other regulators, the most recent one being the one inked with the Central Bank of Jordan last month.

The Abu Dhabi regulator said that it will continue to form such partnerships with authorities and stakeholders locally as well as globally.