The Philippine Deposit Insurance Corporation (PDIC) and the Kazakhstan Deposit Insurance Fund (KDIF) have signed a landmark Memorandum of Understanding (MOU) to boost their respective deposit insurance systems through bilateral cooperation and knowledge-sharing.
The MOU, the first of its kind between the two agencies, was signed by PDIC President and CEO Roberto B. Tan and KDIF Chairman Adil Utembayev on November 11, 2024, during the 23rd Annual General Meeting of the International Association of Deposit Insurers (IADI) in Tokyo, Japan.
The agreement provides a framework for collaboration between the two organizations, enabling them to exchange information, conduct staff exchanges, and engage in joint research. The partnership will address key areas such as deposit insurance, risk management, receivership and liquidation, and public awareness campaigns.
“This partnership is an opportunity to enhance the effectiveness of our deposit insurance systems by learning from each other’s experiences and expertise,” said PDIC President Roberto B. Tan.
Bilateral meetings will be held regularly to address emerging challenges and areas of mutual interest, strengthening the partnership’s ability to adapt to evolving financial landscapes.
The five-year agreement, which aligns with IADI Core Principles for Effective Deposit Insurance Systems, particularly on cross-border cooperation, can be extended for another five years upon mutual agreement.
KDIF Chairman Adil Utembayev expressed optimism about the partnership, saying, “Through this collaboration, we reaffirm our shared commitment to depositor protection and financial stability.”
The initiative underscores the growing need for cross-border partnerships in today’s interconnected global financial system. It also highlights the commitment of both agencies to safeguarding depositors and fostering trust in deposit insurance systems.
IADI, based in Basel, Switzerland, serves as a hub for deposit insurance standards and international cooperation, facilitating the exchange of expertise and promoting public trust in financial systems worldwide. The organization’s involvement underscores the international importance of the PDIC-KDIF collaboration.
The partnership aims to bolster the resilience of deposit insurance systems in both countries, reflecting their shared dedication to financial stability and public confidence in the banking sector.
