Malaysia’s Labuan Financial Services Authority (Labuan FSA) has signed a memorandum of understanding (MoU) with the Bermuda Monetary Authority (BMA) to facilitate increased regulatory, enforcement, and supervisory cooperation between the two regulatory bodies.
The MoU was signed virtually by Nik Mohamed Din Nik Musa, Director-General of Labuan FSA, and Craig Swan, Chief Executive Officer of BMA.
According to a statement from Labuan FSA, the agreement reflects a mutual commitment to strengthening cooperation and information exchange in the areas of insurance and digital asset businesses, acknowledging the increasing globalization of these markets.
The MoU will facilitate the exchange, handling, protection, and return of information in possession of both authorities, as well as the provision of investigative assistance.
This will enable both the Labuan FSA and the BMA to execute their respective mandates and functions more effectively.
Nik Mohamed Din noted that the collaborative arrangement is a significant initiative to achieve enhanced 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 said.
The signing of this MoU comes at a time when there is a global push for increased regulatory cooperation to ensure financial stability and integrity, particularly in the areas of digital assets and insurance.
Both Labuan and Bermuda are important financial centers, and this MoU will facilitate better regulatory oversight and cooperation in these critical areas of the global economy, according to the announcement.
It added that the MoU between Labuan FSA and BMA will pave the way for greater regulatory cooperation, which is crucial for maintaining financial stability and promoting economic growth in both jurisdictions. This move is especially timely given the increasing globalization of insurance and digital asset markets.