The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) have taken a significant step to strengthen their financial ties. On May 26, 2025, Khaled Mohamed Balama, Governor of CBUAE, and Taleh Kazimov, Governor of CBAR, signed a Memorandum of Understanding (MoU) that aims to deepen cooperation across key financial sectors.
This MoU will enable both parties to exchange information on best supervisory and regulatory practices. It also covers licensing processes related to banking and insurance businesses, alongside services connected to payments and financial infrastructure systems. By working together, the two banks seek to enhance knowledge sharing and improve operational standards.
Moreover, the agreement encourages technical cooperation through training, joint research, and working visits. These activities will foster a stronger partnership by promoting the exchange of expertise and the development of innovative solutions.
Governor Balama stated,
“The MoU reflects our tireless efforts and embodies the vision of our wise leadership to enhance economic partnerships with the Republic of Azerbaijan. This collaboration will expand the scope of joint cooperation that supports economic growth for each jurisdiction. We look forward to working closely with our partners in Azerbaijan within the financial, banking, and insurance sectors to foster the development of the financial technology sector and encourage the adoption of innovative digital payment solutions, with a focus on initiatives that contribute to enhancing financial stability, supporting the growth of the financial sector, and consolidating the UAE’s leading position globally.”
On the other hand, Governor Kazimov highlighted the importance of the partnership, saying,
“We seek close and fruitful relations with the CBUAE through the exchange of experiences in the financial and banking sector and the development of financial services, which will contribute to strengthening economic, commercial, and investment cooperation between the two friendly countries.”
Kazimov also praised the UAE’s continuous progress in financial, banking, and insurance sectors, noting the advanced regulatory framework and developments in digital payment infrastructure and supervisory technology.
This MoU represents a strategic effort to reinforce bilateral relations and accelerate growth in fintech and financial services, which are crucial for both economies moving forward.
