ABU DHABI, 26th May, 2025 (WAM) -- Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan (CBAR), signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and exchange of expertise and information in areas of shared interest within the financial sector.

Under the MoU, the two parties will exchange information on best supervisory, regulatory practices, licencing processes pertaining to banking and insurance businesses, and services related to payments and financial infrastructure systems.

In addition, they will deepen technical cooperation through training and the exchange of knowledge, including joint studies and research, as well as working visits.

Balama said, "The MoU reflects our tireless efforts and embodies the vision of our wise leadership to enhance economic partnerships with the Republic of Azerbaijan. This collaboration will expand the scope of joint cooperation that supports economic growth for each jurisdiction.

"We look forward to working closely with our partners in Azerbaijan within the financial, banking, and insurance sectors to foster the development of the financial technology sector and encourage the adoption of innovative digital payment solutions, with a focus on initiatives that contribute to enhancing financial stability, supporting the growth of the financial sector, and consolidating the UAE's leading position globally."

Kazimov, in turn, emphasised the importance of the MoU signed with the CBUAE in deepening the financial and economic relations between the UAE and Azerbaijan. The governor praised the continuous progress achieved by the financial, banking, and insurance sectors in the UAE across all regulatory and legislative levels, as well as advancements in the digital payment infrastructure and supervisory technology initiatives.

He said, "We seek close and fruitful relations with the CBUAE through the exchange of experiences in the financial and banking sector and the development of financial services, which will contribute to strengthening economic, commercial, and investment cooperation between the two friendly countries."