International cooperation is incredibly important, especially in fields like financial services and banking, as the financial ecosystem is becoming more global by the day. However, working and regulating within a silo is not the answer – international cooperation is required to share expertise, data and regulatory advice.
Recently, the UAE and the United States held a meeting to address this very issue. Specifically, the meeting addressed ways of increasing consultations, data sharing, and coordination between the UAE and the United States on banking and financial service matters.
Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation, said, "It gives us great pleasure to welcome the US Treasury Under Secretary on her visit to the UAE, which underpins our joint commitment to strengthen ties between the United States and the UAE in banking and financial service matters. As friends with numerous shared interests and common values, we are continuously addressing key challenges across the banking sector, with the aim of creating further economic prosperity and promoting security."
Learn more about the meeting and cooperation here.