On May 30, the Central Bank of the UAE (CBUAE) and the Hong Kong Monetary Authority (HKMA) held a bilateral meeting in Abu Dhabi to strengthen cooperation between the financial services sectors of the UAE. two areas.
At the meeting , CBUAE and HKMA discussed a number of initiatives and agreed to strengthen cooperation in three key areas including, financial infrastructure; Connecting the financial market between the two regions and regulating the development of virtual assets. In addition, there are many discussions among innovation centers about joint fintech development initiatives and efforts to share knowledge.
A joint working group between CBUAE and HKMA was also established to enact agreed initiatives, with support from banking stakeholders.
Mr. Khaled Mohamed Balama, Governor of CBUAE shared, he looks forward to long-term and expanding cooperation with HKMA and Hong Kong's financial services sector, while maintaining cooperation and knowledge exchange in these areas. other areas of mutual interest. Meanwhile, Mr. Eddie Yue, CEO of HKMA emphasized, Hong Kong and UAE are two financial centers with many complementary strengths and common interests, and there are many opportunities for market participants. Schools from two regions can work together and build connections.
Following the bilateral meeting, the two agencies together with senior CEOs from commercial banks held a workshop on the key opportunities to be pursued between the UAE and Hong Kong. Which refers to the issue of facilitating cross-border trade payment settlement; The process by which UAE companies can effectively leverage Hong Kong's financial infrastructure platforms to access Asian and Mainland markets, as well as financial solutions, investments and opportunities capital markets in the Greater Bay Area including Guangdong – Hong Kong – Macau.
Global, Chinese and UAE banking groups participating in the panel include HSBC, Standard Chartered, Citi, Industrial and Commercial Bank of China, Bank of China, First Abu Dhabi Bank, Abu Dhabi Islamic Bank and Emirates NBD.
The meeting comes as Hong Kong's Securities and Futures Commission (SFC) prepares to allow virtual asset service providers (VASPs) to serve individual investors from tomorrow, January 1. /6. As reported, a number of crypto exchanges that have applied for a license to provide services in Hong Kong include CoinEx, Huobi, and OKX.
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