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LABUAN: The Labuan Financial Services Authority (Labuan FSA) has inked a memorandum of understanding (MoU) with the Bermuda Monetary Authority (BMA) to pave the way for greater regulatory, enforcement and supervisory cooperation between the two regulators.

In a statement today, Labuan FSA said the MoU was signed virtually by its director-general Nik Mohamed Din Nik Musa and BMA chief executive officer Craig Swan recently. 

“Taking cognisant of the growing globalisation of insurance markets and digital asset business, the two authorities are committed to strengthening cooperation and exchange of information in insurance and digital asset business areas,” it said.

It said the MoU would cover the exchange, handling, protection and return of information in possession as well as the provision of investigative assistance to enable both authorities to execute their respective mandates and functions effectively.

Nik Mohamed Din further said the collaborative arrangement would be an important initiative to achieve greater cooperation and synergy between the two authorities. 

“I trust that the signing of this MoU between the two parties marks a greater close cooperation and future joint initiatives between the parties and will reinforce our mutual commitment to ensure financial stability and promote sound economic growth in both jurisdictions,” he added.