UAE Central Bank, Hong Kong Monetary Authority strengthen Financial Cooperation

UAE Central Bank, Hong Kong Monetary Authority strengthen Financial Cooperation

Cooperation to be strengthened in three major areas

The delegations from the UAE and Hong Kong. — WAM

By WAM Published: Tue 30 May 2023, 7:05 PM

The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) held a bilateral meeting in Abu Dhabi to enhance 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.

In addition, the two central banks facilitated discussions between their respective innovation hubs on joint fintech development initiatives and knowledge sharing efforts.

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.

Following the bilateral meeting, the two central banks, joined by senior executives from the UAE and Hong Kong banks, conducted a seminar on key opportunities to pursue between Hong Kong and the UAE.

The seminar covered discussions on possible arrangements to facilitate better cross-border trade settlement, how UAE corporates can better utilise the Hong