Japan’s Financial Services Agency (FSA) is looking to work closer on banking supervision with the Central Bank of the Islamic Republic of Iran (CBI).

The pair have exchanged letters on co-operation and the plan is to examine the performance of their respective duties for the “safe and sound functioning” of banking organizations in their countries.
The contents of the letters include providing relevant information to their counterpart regarding supervisory concerns; they will notify each other of plans to visit a cross-border establishment in each other’s jurisdiction and following the visit, an exchange of views may take place between both authorities; and confidentiality of information will be exchanged.
As Banking Technology reported last year, economic sanctions on Iran were lifted and its Central Bank and 15 other banks got access to Swift’s payment system after a four-year break.
Also, following this relaxation, companies such as Temenos started looking at the region once more for core and digital banking software deals.

(Source: bankingtech.com)