Central Bank of the United Arab Emirates and Hong Kong Monetary Authority Strengthen Financial Cooperation

The Hong Kong Monetary Authority (HKMA) has published a statement to inform that the Central Bank of the United Arab Emirates (CBUAE) and the HKMA recently held a bilateral meeting in Abu Dhabi in which both regulators agreed to strengthen collaboration between their respective financial services sectors. The central banks designated three areas for further cooperation and initiatives: financial infrastructure, financial market connectivity, and virtual asset regulations. The central banks also facilitated discussions between their innovation hubs to foster joint FinTech development and knowledge sharing.
A joint working group, led by the CBUAE and HKMA, will be formed to implement the agreed initiatives. Furthermore, a seminar was conducted by the two central banks, along with senior executives from the United Arab Emirates (UAE) and Hong Kong banks, to explore opportunities for cross-border trade settlement, utilizing Hong Kong’s financial infrastructure platforms, and capital market opportunities in the Greater Bay Area. Various banks from both jurisdictions participated in the seminar, including First Abu Dhabi Bank, Industrial and Commercial Bank of China, Bank of China, HSBC, and CitiBank, to name a few.
The bilateral meeting and subsequent seminar marked a significant step towards deepening cooperation between the financial services sectors of the UAE and Hong Kong. By strengthening ties in areas such as financial infrastructure, market connectivity, and virtual asset regulations, both jurisdictions aim to foster an environment conducive to innovation, growth, and cross-border collaboration in the financial industry.