Labuan and Bermuda financial regulators darken ink on collaboration

The Labuan FSA and Bermuda central bank target to bolster the insurance market and digitalisation efforts.

The Labuan Financial Services Authority (Labuan FSA) and the Bermuda Monetary Authority (BMA) inked a partnership aimed at enhancing regulatory collaboration and enforcement efforts between the two regulatory bodies.

Recognising the increasing globalisation of insurance markets and the digital asset business, both authorities are dedicated to strengthening their cooperation and information exchange in areas pertaining to insurance and digital asset business activities. 

The memorandum of agreement (MOU) encompasses the exchange, handling, protection, and sharing of information held by both parties, along with providing investigative support to facilitate the effective execution of their respective mandates and responsibilities.

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Nik Mohamed Din Nik Musa, the Director General of Labuan FSA, emphasised the significance of this collaborative arrangement as a crucial step towards fostering closer cooperation and future joint initiatives between Labuan FSA and the Bermuda Monetary Authority. 

He expressed confidence that this MOU signifies a stronger commitment to ensuring financial stability and promoting robust economic growth in both jurisdictions.

The MOU was formally executed by Nik Mohamed Din Nik Musa, the Director-General of Labuan FSA, and Craig Swan, the Chief Executive Officer of BMA.