The Hong Kong Monetary Authority (HKMA) and The Central Bank of the UAE (CBUAE) recently held a bilateral meeting to strengthen cooperation between the two regions’ financial services industries. The discussions centred on financial infrastructure, financial market connectivity, and the regulation and development of virtual assets.
Top Bank Executives Gather for Seminar on Collaboration between Hong Kong and UAE
During the meeting, both parties agreed to expand their collaboration in these areas and identified areas for collaboration in fintech development and information exchange. To move the agreed-upon efforts forward, the HKMA and CBUAE will co-chair a joint working group comprised of key stakeholders from both countries’ banking sectors.
Following the bilateral meeting, the central banks hosted a seminar attended by top executives from banks in both Hong Kong and the UAE. The seminar looked at potential areas of collaboration, such as financial and investment solutions, capital market opportunities in the Greater Bay Area, and arrangements to improve cross-border trade settlement.
Representatives from several prominent banks from the United Arab Emirates attended the seminar, including First Abu Dhabi Bank, HSBC, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, and Standard Chartered. Delegates from the Bank of China, Citi, HSBC, and Standard Chartered represented Hong Kong.
H.E. Khaled Mohamed Balama, Governor of the CBUAE, welcomed the HKMA delegation to the UAE. He pledged to strengthen collaboration in critical areas such as financial market infrastructure and digital economies. He emphasized the importance of continuing to cooperate and share information with the HKMA and the Hong Kong financial services industry.
Governor Balama and Chief Executive Yue Discuss Enhanced Cooperation between CBUAE and HKMA
Mr. Eddie Yue, Chief Executive of the HKMA, emphasized the importance of the events in strengthening collaboration between the Hong Kong and UAE central banks. He stated that working together and expanding connections between the two financial hubs, which have complementary capabilities and shared interests, can benefit market players in both regions. Mr. Yue also expressed enthusiasm for future collaboration with the CBUAE. He welcomed UAE stakeholders to Hong Kong for future engagements.
The meetings and seminar promoted greater cooperation and provided a forum for financial institutions and corporations from both regions to exchange and collaborate. The strengthened ties between Hong Kong’s and the UAE’s central banks have the potential for mutually beneficial outcomes and increased connectivity between the two dynamic economies’ financial sectors.
