QFCRA, CBO seek to set up cross-border financial institutions

*MoU signed to 'strengthen bilateral relations' between the two sides

The Qatar Financial Centre Regulatory Authority (QFCRA) and the Central Bank of Oman (CBO) have entered into a memorandum of understanding to "strengthen bilateral relations" between the two sides.

With the MoU, the QFCRA and the CBO seek to encourage the establishment of cross-border financial institutions between both jurisdictions and the exchange of information and expertise relating to financial regulation.

The MoU was signed by Michael G Ryan, QFCRA chief executive officer and Taher Salim al-Amri, executive president of the CBO.

The signing took place during a visit by the QFCRA to Muscat recently, which was aimed at enhancing ties between the two parties through the MoU framework.

Ryan welcomed the signing of the MoU and said, “The QFC Regulatory Authority is committed to international cooperation as it provides an important mechanism for exchange of information and sharing of expertise.

“We are very pleased to have signed this MoU with the Central Bank of Oman and we look forward to building a strong relationship between our institutions.”