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CBAEU and ADGM joins for the growth of UAE’s FinTech sector

CBAEU and ADGM joins for the growth of UAE’s FinTech sector

Central Bank, ADGM to cooperate on the development of UAE FinTech sector…..reports Asian Lite News

The Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM) signed today a Memorandum of Understanding (MoU) to collaborate on the development and growth of the UAE’s FinTech ecosystem through joint initiatives and activities.

CBAEU and ADGM joins for the growth of UAE’s FinTech sector

The MoU was signed by Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, and Khaled Mohamed Balama, Governor of CBUAE, as part of CBUAE’s inaugural Future of Finance conference, held during Expo 2020 on 13-14 October 2021.

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Under the agreement, CBUAE and ADGM will further enhance the collaboration under their co-sandbox programme that will enable FinTech companies to test their innovative solutions under the existing digital sandbox programme. The agreement also stipulates collaboration on FinTech initiatives and activities between the parties, including accelerator programmes, competitions, workshops, seminars, conferences and projects.

AHMED ALI AL SAYEGH, MINISTER OF STATE AND CHAIRMAN, ADGM: “The Fintech sector is fast shaping the face of the global financial system, requiring coordinated attention by regulators to ensure its robust development and integration. ADGM has, since its inception, striven to introduce regulatory frameworks and solutions, as well as partner with leading regulators locally and globally, to create an environment that enables innovation and progressive technology adoption. Our agreement with the Central Bank of the UAE further reinforces this joint commitment to bolstering the UAE’s thriving Fintech sector. We are confident our continued relations with the CBUAE will result in greater regulatory excellence and further opportunities in the Fintech field for international and local talent alike.”

For his part, Khaled Balama said, “The UAE’s ability to develop a regulatory environment conducive to innovation and digitisation is amongst the foremost determinants of the future of its financial system. Our signing of this agreement with ADGM plays an important role in CBUAE’s commitment to enabling greater proliferation of FinTech solutions across the UAE. We are confident that this agreement will attract key FinTech players to the country and result in an enhanced environment that enables innovation to thrive, in alignment with the nation’s ambitious economic growth plans and digitisation aspirations.”

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Cabinet approves MoU between India, Maldives

The MoU, which came into effect from February, will remain in force for an indefinite period…reports Asian Lite News

The Union Cabinet on Wednesday was apprised of the Memorandum of Understanding (MoU) signed in February this year between India and Maldives on cooperation in sustainable urban development.

According to the official release, a Joint Working Group (JWG) will be constituted to strategise and implement programmes on cooperation under the framework of the MoU. JWG will meet once in a year, alternately in Maldives and in India.

“The MoU will promote strong, deep and long-term bilateral cooperation in sustainable urban development between the two countries. The MoU is expected to create employment in the areas of sustainable urban development including urban planning, solid waste management, affordable housing, urban green mobility, urban mass rapid transport, smart cities development,” it said.

The MoU, which came into effect from February, will remain in force for an indefinite period.

The objectives of the MoU are to facilitate and strengthen India-Maldives technical cooperation in the field of sustainable urban development including urban planning, solid waste management, affordable housing, urban green mobility, urban mass rapid transport, smart cities development and any other related area mutually agreed by contracting parties. (ANI)

Last month, India announced the opening of a new Consulate General in Addu City in the Maldives this year, a move to augment India’s diplomatic presence.

The opening of the Consulate General in Addu City will also provide market access to Indian companies and bolster Indian exports of goods and services.

The decision was taken on Tuesday during a Union Cabinet meeting chaired by Prime Minister Narendra Modi.

“This is also a forward-looking step in pursuit of our national priority of growth and development or ‘Sabka Saath, Sabka Vikas’,” said a Cabinet note.

“Augmentation of India’s diplomatic presence will, inter-alia, provide market access for Indian companies and bolster Indian exports of goods and services. This would have a direct impact in augmenting domestic production and employment in line with our goal of a self-reliant India or ‘Atmanirbhar Bharat’.”

India and the Maldives share ethnic, linguistic, cultural, religious and commercial links steeped in antiquity. Maldives occupies an important place in the ‘Neighbourhood First Policy’ and the ‘SAGAR’ (Security and Growth for All in the Region) vision of the Government of India.

The momentum and energy in the bilateral relationship has reached unprecedented levels under the leadership of Prime Minister Modi and President Solih, a Cabinet note mentioned.

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Govt nod to India, Japan MoC on sustainable urban development

Govt nod to India, Japan MoC on sustainable urban development

The Union Cabinet, chaired by the Prime Minister Narendra Modi on Wednesday approved the signing of Memorandum of Cooperation on Sustainable Urban Development…reports Asian Lite News

It will create employment opportunities in the areas of urban planning, smart cities development, affordable housing and others, reports Asian Lite News

The Union Cabinet, chaired by the Prime Minister Narendra Modi on Wednesday approved the signing of Memorandum of Cooperation on Sustainable Urban Development between the Ministry of Housing & Urban Affairs and Japan’s Ministry of Land, Infrastructure, Transport and Tourism.

To implement the project, a Joint Working Group (JWG) will be constituted to strategize and implement programmes on cooperation under the framework of the MoC. The Joint Working Group will meet once in a year, alternately in Japan and in India.

The cooperation under this MoC will commence on the date of its signature and continue for a period of five years. Thereafter, it may be renewed automatically for further successive periods of 5 years at a time.

The MoC will promote strong, deep and long-term bilateral cooperation in the field of Sustainable Urban Development between the two countries.

The MoC is expected to create employment opportunities in the areas of sustainable urban development, including Urban Planning, Smart Cities Development, Affordable Housing, (including rental housing), Urban Flood Management, Sewerage and Waste Water Management, Urban Transport (including Intelligent Transport Management System, Transit-Oriented Development and Multimodal Integration) and Disaster Resilient development.

The objectives of the MoC are to facilitate and strengthen India-Japan technical cooperation in the field of Sustainable urban development including Urban Planning, Smart Cities Development, Affordable Housing (including rental housing), Urban Flood Management, Sewerage and Waste Water Management, Intelligent Transport Management System, Transit-Oriented Development, Multimodal Integration, Disaster Resilient development and other areas as mutually identified by both Sides.

The proposed MoC will enable exchange of key learning and best practices in the above-mentioned areas. (INN)

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