The agreement, signed by the ADGM Financial Services Regulatory Authority, is the first it has entered into with an Asian regulator.

The Abu Dhabi Global Market (ADGM), a free zone in the United Arab Emirates, and the China Banking Regulatory Commission (CBRC) have signed an agreement to deepen cooperation and exchange information on April 28, 2016.

The agreement, signed by the ADGM Financial Services Regulatory Authority, is the first it has entered into with an Asian regulator.

The agreement provides a framework for the FSRA and CBRC to render mutual assistance, exchange relevant regulatory information, and co-operate on the supervision of banks. The two authorities may also offer joint training programs and exchange technical expertise.

The ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.