UAE Central Bank and Hong Kong Monetary Authority Bolster Financial Ties
The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) convened a bilateral meeting on May 29, intending to amplify cooperation in the financial services arena between the two regions.
The CBUAE and HKMA deliberated over numerous collaborative strategies during the meeting and consented to augment cooperation in three pivotal areas: financial infrastructure, financial market connectivity between the two regions, and virtual asset regulations and developments. Moreover, the two central banks facilitated dialogue between their respective innovation hubs to propel fintech development initiatives and knowledge sharing efforts.
To advance the agreed initiatives, a joint working group led by the CBUAE and HKMA will be established, supported by the relevant stakeholders from the banking sectors of both jurisdictions.
Following the bilateral meeting, the two central banks, along with high-level executives from banks in the UAE and Hong Kong, held a seminar exploring key opportunities between the two regions. Topics of discussion encompassed possible arrangements to enhance cross-border trade settlement, ways UAE corporations can better access Asian and Mainland markets through Hong Kong's financial infrastructure platforms, and financial and investment solutions, along with capital market opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area.
Banks from the UAE including the First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC, and Standard Chartered participated in the seminar. From Hong Kong, the Bank of China, Citi, HSBC, and Standard Chartered joined the discussion.
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