UAE And Hong Kong Central Banks Forge Financial Services Collaboration
The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) convened in Abu Dhabi for a bilateral meeting aimed at bolstering cooperation between their financial services sectors. The meeting, held on 29 May, focused on enhancing collaboration in three major areas: financial infrastructure, financial market connectivity, and virtual asset regulations and developments.
The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority agreed to strengthen cooperation in three major areas including virtual asset regulations and developments. The progress of cryptocurrency regulation in Dubai and Hong Kong is currently attracting…
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Collaborating on Joint Initiatives
Representatives from the CBUAE and HKMA engaged in fruitful discussions, highlighting the importance of joint initiatives and knowledge sharing efforts. A joint working group, led by the CBUAE and HKMA and supported by stakeholders from the banking sectors of both jurisdictions, will be established to advance the agreed initiatives.
Following the meeting, senior executives from UAE and Hong Kong banks, accompanied by the two central banks, conducted a seminar to explore key opportunities between the two regions. Topics covered included cross-border trade settlement facilitation, leveraging Hong Kong’s financial infrastructure platforms for UAE corporates to access Asian and Mainland markets, and capital market prospects in the Guangdong-Hong Kong-Macao Greater Bay Area.
Prominent UAE banks such as First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, and international institutions including HSBC, Standard Chartered, Bank of China, and Industrial and Commercial Bank of China participated in the seminar. From Hong Kong, representatives from Bank of China, Citi, HSBC, and Standard Chartered were present.
Future Collaborations
H.E. Khaled Mohamed Balama, Governor of the CBUAE, expressed his satisfaction with the deepening collaboration between the two central banks and their robust relationship. He highlighted the potential for growth in digitization, technological advancement, and financial market infrastructure development.
Mr. Eddie Yue, Chief Executive of the HKMA, emphasized the complementary strengths and mutual interests between Hong Kong and the UAE. He welcomed increased exchange and collaboration between financial institutions and corporates from both regions, highlighting the ample opportunities for market participants to work together and strengthen connectivity.
Both H.E. Khaled Mohamed Balama and Mr. Eddie Yue expressed their anticipation for continued collaboration and future engagements, with Mr. Yue extending an invitation to UAE stakeholders to visit Hong Kong in the near future.
