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UAE and Hong Kong Central Banks agree to strengthen financial cooperation



The bilateral meeting held by the Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority (HKMA) in Abu Dhabi on May 29 (Abu Dhabi time) has resulted in an agreement between the two places to strengthen cooperation in the area of financial services.

Following the meeting, the involved parties will strengthen cooperation in three major areas: financial infrastructure, the financial market interconnection between the two places, and virtual asset supervision and development.

Discussions around fintech development in the innovation hubs in the two regions also took center stage in the meeting. Both parties shared knowledge and plans for the development.

Further, according to the press release on the development, a working group will be set up by the Central Bank of the United Arab Emirates and the Monetary Authority of the United Arab Emirates “to promote the cooperation matters agreed by the two sides with the support of relevant stakeholders in the banking industry of the two places.” 

Jointly exploring opportunities in the two countries is an exciting venture for the two Asian giants. The bilateral meeting was followed by a seminar covering 

  • Feasible arrangements for promoting better cross-border trade settlement
  • How UAE companies can more effectively enter the Asian and mainland markets using Hong Kong’s financial infrastructure platform
  • Various financial and investment solutions 
  • Opportunities in the capital market of the Guangdong-Hong Kong-Macao Greater Bay Area await.

Major banks were represented at the seminar including First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC and Standard Chartered operating in the UAE, and Bank of China, Citigroup, HSBC, and Standard Chartered operating in Hong Kong.

HE Khaled Mohamed Balama, Governor of the Central Bank of the UAE said the nation intends to build on the existing strong relationship between the central banks of the two countries to address “cooperation in the development of financial market infrastructure, as well as mutual opportunities in digitalization and technological development.”

Alongside Eddie Yue, Chief Executive of the HKMA, Eddie Yue expressed that “These meetings have strengthened the collaboration between the central banks of Hong Kong and the UAE in many important areas, and provided a platform for financial institutions and enterprises in Hong Kong and the UAE to deepen exchanges and cooperation.”

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