Singapore  - Singapore's central bank has signed an agreement with Dubai's financial regulator to cooperate in supervising banking, insurance and capital markets, said the Monetary Authority of Singapore (MAS) in a statement Wednesday.

"It facilitates the exchange of information for supervisory purposes between the two authorities," the MAS said, of the agreement with the Dubai Financial Services Authority.

"Such cooperation helps to strengthen the supervision of cross-border operations of financial institutions under their purview," the statement added.

The MAS signed a similar agreement with Qatar's financial regulator last week.

Singapore and Dubai are vying to be major centres for financial services. (dpa)