LABUAN, March 20 (Bernama) -- The Labuan Financial Services Authority (Labuan FSA) and China Banking and Insurance Regulatory Commission (CBIRC) have signed a memorandum of understanding (MoU) to foster greater cooperation in fields of regulatory and supervisory.
The MoU was signed by Labuan FSA director general Danial Mah Abdullah and CBIRC vice chairman Wang Zhaoxing in Beijing, China yesterday.
The MoU provides the platform for Labuan FSA and CBIRC to enhance the regulatory and supervisory oversight of cross border branches and subsidiaries of China and Labuan-based banks and insurance entities.
In addition, the authorities could undertake mutually beneficial initiatives for the development of financial businesses relating to banking and insurance between the two jurisdictions through the MoU.
The MoU would also set the stage for greater financial and business interlinkages between China and Labuan IBFC, towards supporting the trade and investments in Asia, especially in South East Asia.
-- BERNAMA
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