The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) have discussed ways to improve collaboration between the financial services sectors of the two jurisdictions.
During the meeting, the CBUAE and the HKMA discussed a number of collaborative initiatives and agreed to strengthen cooperation in three major areas including financial infrastructure, financial market connectivity between the two jurisdictions, and virtual asset regulations and developments.
Further, the two central banks facilitated discussions between their respective innovation hubs on joint fintech development initiatives and knowledge-sharing efforts.
According to the statement, “A joint working group led by the CBUAE and HKMA, with support from the relevant stakeholders of the two jurisdictions’ banking sectors, will be formed to take forward the agreed initiatives.”
Khaled Mohamed Balama Governor CBUAE
“We are pleased to have welcomed the Hong Kong Monetary Authority and its delegation to the UAE as we look to build on our central banks’ existing and robust relations. During the day’s discussions, we explored deepening collaboration across several important areas including financial market infrastructure development and mutual opportunities for growth in digitization and technological advancement. We look forward to a longstanding engagement with the HKMA and the Hong Kong financial services sector more broadly, and we will continue collaborating with and exchanging knowledge in these mutual areas of interest.”
Mr. Eddie Yue, Chief Executive of the HKMA, said that “These events enhanced the collaboration between the central banks of Hong Kong and the UAE in a number of important areas, and provided a platform for financial institutions and corporates from Hong Kong and the UAE to step up exchange and collaboration. Hong Kong and the UAE are two financial centers sharing many complementary strengths and mutual interests, and there is much room for market participants from these two places to work together and build up the connectivity.”
“We look forward to continued collaboration with the CBUAE and more exchange between Hong Kong and the UAE financial sectors, and would welcome the UAE stakeholders’ visit to Hong Kong in the near future,” Mr. Yue further added.
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