Hong Kong and Abu Dhabi Regulators Strengthen Fintech Ties

Hong Kong and Abu Dhabi Regulators Strengthen Fintech Ties

The Hong Kong Monetary Authority (HKMA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have singed a MoU to step up their fintech cooperation. This

The post Hong Kong and Abu Dhabi Regulators Strengthen Fintech Ties appeared first on Fintechnews Middle East.The Hong Kong Monetary Authority (HKMA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have singed a MoU to step up their fintech cooperation.

This agreement aims to enhance the ongoing partnership, focusing on cross-border trade-related data exchange and business collaboration in fintech and data-driven financial services.

The MoU, signed by Colin Pou of the HKMA and Wai Lum Kwok of the FSRA, marks a significant step in the relationship between the two regulatory bodies, building on a co-operation agreement established in 2018.

Key initiatives under the MoU include exploring joint Proof-of-Concept projects linking the HKMA’s Commercial Data Interchange and the ADGM’s SME Financing Platform.

The two authorities will also join forces to explore use cases for cross-border data exchange with user consent to address potential pain points in cross-border banking services such as SME account opening and financing to facilitate cross-border trading.

Colin Pou

Colin Pou of the HKMA said,

“We are delighted to deepen our