13 July 2016, Abu Dhabi/Shanghai: Abu Dhabi Global Market (ADGM) and Shanghai Free Trade Zone Authority (SHFTZA) today signed a Memorandum of Understanding in Shanghai to foster collaboration and facilitate business developments in their respective markets.
The Memorandum of Understanding was signed on 13 July 2016 by Mr. Guo Yusong, Department Director, Fiscal and Financial Services of SHFTZA and Mr Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM, in the presence of Mr. Wang Xinling, Vice Chairman of. China (Shanghai) Pilot Free Trade Zone Administration.
The MOU establishes a formal framework for further collaboration between the two organisations and reinforces ADGM’s commitment to build stronger ties with global financial centres. Apart from sharing of information and expertise, SHFTZA and ADGM will also consider joint activities to enhance the development of the financial centres of Abu Dhabi and Shanghai Free Trade Zone.
Mr Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority, ADGM, said: “We are pleased to enter this MOU with our Shanghai partner. Both SHFTZA and ADGM are established to support stakeholders in global expansion and tap growth opportunities in our respective regions. We will work together in bolstering financial services activities, facilitating investment flows and encouraging business innovation in our respective markets. The MOU marks another milestone between China and Abu Dhabi in strengthening economic cooperation. We look forward to working with SHFTZA and their team to advance the financial developments of our markets.”