<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>MAS strikes deal with Qatar regulator
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THE Monetary Authority of Singapore (MAS) has struck a formal deal with a regulator in the Persian Gulf nation of Qatar for cooperation in the banking, insurance and capital markets.
The central bank said the Memorandum of Understanding (MOU) with the Qatar Financial Centre Regulatory Authority (QFCRA) paves the way for the sharing of supervisory information.
For the two authorities, the agreement will strengthen the supervision of cross-border operations of financial institutions under their purview, the MAS said in a statement yesterday.
QFCRA is the independent regulator of all financial institutions in Qatar's financial centre.
The MOU was signed by QFCRA chairman and chief executive Phillip Thorpe and MAS deputy managing director (prudential supervision) Teo Swee Lian.
Among the Singapore companies with dealings in Qatar are conglomerate Keppel Corp and law firm Wong Partnership.
Keppel Corp has clinched contracts in Qatar to build a waste management plant and a water treatment plant, while Wong Partnership has an office in Qatar that lets it service its clients who invest in Qatar and other countries in the region. The MOU will take immediate effect.
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
THE Monetary Authority of Singapore (MAS) has struck a formal deal with a regulator in the Persian Gulf nation of Qatar for cooperation in the banking, insurance and capital markets.
The central bank said the Memorandum of Understanding (MOU) with the Qatar Financial Centre Regulatory Authority (QFCRA) paves the way for the sharing of supervisory information.
For the two authorities, the agreement will strengthen the supervision of cross-border operations of financial institutions under their purview, the MAS said in a statement yesterday.
QFCRA is the independent regulator of all financial institutions in Qatar's financial centre.
The MOU was signed by QFCRA chairman and chief executive Phillip Thorpe and MAS deputy managing director (prudential supervision) Teo Swee Lian.
Among the Singapore companies with dealings in Qatar are conglomerate Keppel Corp and law firm Wong Partnership.
Keppel Corp has clinched contracts in Qatar to build a waste management plant and a water treatment plant, while Wong Partnership has an office in Qatar that lets it service its clients who invest in Qatar and other countries in the region. The MOU will take immediate effect.
