In an exclusive interview Yu Weiwen, President of the Hong Kong Monetary Authority, shared the nation’s moves to strengthen internal and external connections as regards financial innovation. The president stated the nation had visited the Middle East and has evidence of “strong” interest from the country visited.
The interest between Hong Kong and the Middle East aims to strengthen economic and trade exchanges between both parties. The visit, which was a business delegation, was led by the Chief Executive of the Hong Kong Special Administrative Region John Lee.
Specifically, the Hong Kong Monetary Authority visited the United Arab Emirates and Saudi Arabia to improve regulatory and financial ties. The nations are looking to establish long-term cooperation that would open up opportunities in their financial field.
The President, in the interview, disclosed that Hong Kong maintains a current “bilateral working group” established with the Central Bank of the United Arab Emirates for more market interconnection. The working group would also involve in-depth communication on central bank digital currency (CBDC), central bank digitalization, and virtual asset development and supervision,” the President said in the interview. Furthermore, the two parties have agreed via a memorandum of understanding to keep up on the path of financial innovation.
Additionally, the President said a visit to Southeast Asia is in view. For Southeast Asia, Hong Kong Monetary Authority aims to explore business opportunities with the Southeast Asian local central banks and major institutional investors.
2023 marks the 30th anniversary of the Hong Kong Monetary Authority, and the regulator plans to celebrate in grand style during early November by hosting the International Financial Leaders Investment Summit. Alongside this event, the Hong Kong Monetary Authority will co-organize the 25th anniversary celebration of the Bank for International Settlements’ Asia-Pacific representative office in Hong Kong.
While Hong Kong solidifies its external ties on financial initiatives, it has also been active in providing guidelines for the nation’s crypto landscape and is welcoming digital tokenization with open arms.
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