UAE Central Bank and Hong Kong Monetary Authority Bolster Financial Ties
Luisa Crawford May 31, 2023 02:22
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 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.
"We are delighted to welcome the Hong Kong Monetary Authority and its delegation to the UAE, as we aspire to build on our central banks' existing and robust relations," said H.E. Khaled Mohamed Balama, Governor of the CBUAE. "During today's discussions, we explored intensifying collaboration across several key areas, including financial market infrastructure development and mutual opportunities for growth in digitization and technological advancement."
H.E. Balama added, "We anticipate a longstanding engagement with the HKMA and the broader Hong Kong financial services sector. We will continue collaborating with and exchanging knowledge in these areas of mutual interest."
Eddie Yue, the Chief Executive of HKMA, stated, "These events have enhanced collaboration between the central banks of Hong Kong and the UAE in several crucial areas, providing a platform for financial institutions and corporations from both regions to augment exchange and collaboration. Hong Kong and the UAE, as financial centers, share many complementary strengths and mutual interests. There is ample scope for market participants from both places to collaborate and build connectivity."
Yue added, "We look forward to continued collaboration with the CBUAE, increased exchange between the financial sectors of Hong Kong and the UAE, and welcome the visit of UAE stakeholders to Hong Kong in the near future."
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