Singapore, 7 May 2009...The Monetary Authority of Singapore (MAS) today signed a Memorandum of Understanding (MoU) with Qatar Central Bank (QCB), which supervises financial institutions in Qatar.
2 The MoU provides a formal basis for supervisory cooperation and technical assistance between MAS and QCB. It paves the way for sharing of information between the two central banks to strengthen the supervision of cross-border operations of financial institutions under their purview. The MoU will also facilitate staff training and technical assistance between MAS and QCB.
3 The MoU was signed by H.E. Sheikh Abdullah Saoud Al Thani, Governor, QCB and Mr Heng Swee Keat, Managing Director, MAS, at the sides of the Islamic Financial Services Board (IFSB) Summit hosted by MAS from 6 - 8 May 2009.
4 Said Mr Heng, "This MoU marks an important milestone in the cooperation between the Qatar Central Bank and the Monetary Authority of Singapore. It is very timely in view of the expansion of Qatari banks in Singapore. I am confident that financial cooperation between the two institutions and the private sectors in both countries will grow in the coming years."