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Ammon News - The Governor of the Central Bank of Jordan Adel Sharkas and the Governor of the Central Bank of the United Arab Emirates Khaled Balama signed Tuesday a joint memorandum of understanding aimed at strengthening relations in the finance and banking areas.

The agreement lays out mechanisms for cooperation and exchanging information to facilitate the performance of the two bank's supervisory and control duties and their role in ensuring financial stability. The memorandum also looks to develop cooperation on payment systems and financial technology and the training, capacity-building and upgrading of professional skills, as well as exchanging technical assistance and expertise.

Sharkas stressed the importance of the agreement to enhance efficiency and safety requirements in providing financial and banking services within digital transformation initiatives, highlighting its impact on facilitating Inter-financial transactions in both countries.

"Under the scope of joint cooperation with the Central Bank of the UAE, we look forward to increasing opportunities to switch to financial technology in providing financial and banking services and looking into means of providing common grounds for embracing innovative ideas and sponsoring talents in the field of modern financial technology," Sharkas noted.

For his part, Balama stressed the importance of furthering cooperation in finance and banking to achieve sustainable development, progress and prosperity in the two countries and advancing investments and trade relations and the bilateral economic partnership.

The signing of the memorandum of understanding with the CBJ is the framework under which the two sides will explore opportunities for future cooperation, he added.