By Jailani Hasan
LABUAN, Aug 20 (Bernama) -- The Labuan Financial Services Authority (Labuan FSA) and the International Financial Services Centres Authority (IFSCA) of India have entered into a memorandum of understanding (MoU) aimed at fostering greater cooperation in regulation, supervision, enforcement and business development between the two financial authorities.
The formal exchange of the MoU took place today in New Delhi, India, during the official visit of Prime Minister Datuk Seri Anwar Ibrahim.
The ceremony was notably attended and witnessed by both the Prime Ministers of Malaysia and India, underscoring the significance of this agreement in strengthening bilateral relations between the two nations.
Labuan FSA director-general Nik Mohamed Din Nik Musa said the MoU establishes a comprehensive framework for cross-border collaboration, including the sharing of information, regulatory cooperation and mutual support to enhance the integrity, efficiency and financial soundness of both the Labuan International Business and Financial Centre (Labuan IBFC) and the International Financial Services Centres, India.
“The agreement also extends to the development of financial markets, with a focus on training, technical assistance and the creation of regulatory frameworks and financial products,” he told Bernama in a statement tonight.
He said the partnership is expected to bolster financial cooperation between Malaysia and India, driving economic benefits and creating new business opportunities for both countries. By enhancing the supervision of cross-border operations of financial institutions, the MoU aims to promote regional financial stability and sustainable economic growth.
“The MoU marks a significant milestone in international cooperation between Labuan FSA and IFSCA.
“It will pave the way for mutual assistance and enhance the supervision of cross-border operations of financial institutions overseen by both authorities.
“I am confident that this bilateral relationship will be crucial in promoting regional financial stability and sustainable growth,” Nik Mohamed Din said.
He said this strategic alliance between Labuan FSA and IFSCA represents a critical step forward in reinforcing the ties between Malaysia and India while advancing the financial services sectors of both nations.
-- BERNAMA
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