Strengthening Fintech Co-operation between the Hong Kong Monetary Authority and the Financial Services Regulatory Authority of Abu Dhabi Global Market

The Hong Kong Monetary Authority (HKMA) has published a press statement to inform that the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market have entered into a Memorandum of Understanding (MoU). This MoU aims to enhance the existing collaboration between the two authorities in FinTech, specifically focusing on cross-border trade data exchange and fostering joint business initiatives. The primary goal is to advance inclusive and inventive financial services by harnessing FinTech tools and data in both markets. The MoU is built on a previous agreement established in 2018.
Specifically, under this MoU, the HKMA and FSRA plan to explore joint Proof-of-Concept projects linking the HKMA’s Commercial Data Interchange to ADGM’s SME Financing Platform. Additionally, both regulators will collaborate on finding solutions for cross-border banking challenges faced by SMEs such as account opening or trade financing issues via secure cross-border data exchange (with user consent). Both regulators emphasize that the MoU is an important step to leverage on digitization and promote the adoption of FinTech and related data exchanges in both countries.