The Central Bank of the UAE has announced that it has signed a Memorandum of Understanding (MoU) with the Bank of Korea (Central Bank of South Korea) on Monday 3rd June 2013 in Seoul, aimed at co-operation, exchange of information and expertise, and training. Sultan Bin Nasser Al Suwaidi, Governor of Central Bank of the UAE, signed the MoU on behalf of the Central Bank of the UAE. Dr. Choongsoo Kim, Governor of Bank of Korea, signed the MoU on behalf of the Bank of Korea. The MoU establishes a mechanism of cooperation and exchange of information, which would contribute to the realisation of a sound financial system in the UAE and South Korea. The MoU was signed to emphasize the importance that the UAE Central Bank attaches to the subject of banking cooperation with international supervisory and monetary authorities.