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Serbia's c-bank, China CBIRC to enhance cooperation in banking, insurance supervision

Serbia's c-bank, China CBIRC to enhance cooperation in banking, insurance supervision By NMedjedov (Own work), via Wikimedia Commons

BELGRADE (Serbia), September 18 (SeeNews) - Serbia's central bank said on Tuesday it signed a Memorandum of Understanding (MoU) with China Banking and Insurance Regulatory Commission (CBIRC) to encourage the cooperation between the financial sectors of both countries.

The agreement refers to the mutual cooperation between the two regulators through the exchange of information in the field of supervision of banks and insurance companies, the central bank, NBS, said in a statement.

"The support that China provides to our country in the process of economic reforms and through investments in projects is of great importance for us, as it helps Serbia to achieve economic growth," central bank governor Jorgovanka Tabakovic said.

CBIRC is responsible for the supervision of banks and insurers. The authority arose from the merger of two regulatory bodies - for the supervision of banks and for the supervision of the insurance sector in China.

In November, NBS signed a MoU with China UnionPay to launch cooperation between the card payment systems of the two countries. The cooperation will allow the acceptance of UnionPay cards in Serbia, and of Serbian DinaCard cards in the UnionPay network

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