Hong Kong Monetary Authority and Central Bank of the UAE Strengthen Cooperation on Virtual Asset Regulation and Development

HK Monetary Authority and Central Bank of UAE strengthen cooperation on virtual asset regulation and development.

Author: Hong Kong Monetary Authority

The Central Bank of the United Arab Emirates (UAE Central Bank) and the Hong Kong Monetary Authority (HKMA) held a bilateral meeting in Abu Dhabi on May 29 (Abu Dhabi time) to strengthen cooperation in the financial services field between the two places.

During the meeting, the UAE Central Bank and the HKMA discussed multiple cooperation plans and agreed to strengthen cooperation in three areas: financial infrastructure, mutual connectivity of the two financial markets, and regulation and development of virtual assets. In addition, the two sides facilitated the discussion and knowledge sharing of the financial technology development cooperation plan between their respective innovation hubs.

The UAE Central Bank and the HKMA will jointly establish a working group to promote the cooperation matters agreed by the two places’ banking stakeholders.

After the bilateral meeting, the two sides, together with senior executives from banks in the UAE and Hong Kong, held a seminar to explore important opportunities in the two places. Seminar topics included feasible arrangements to promote more complete cross-border trade settlement, how UAE companies can more effectively enter Asian and mainland markets through Hong Kong’s financial infrastructure platform and various financial and investment schemes, as well as opportunities in the capital markets of the Greater Bay Area.

Banks attending the seminar included First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC, and Standard Chartered in the UAE; and Bank of China, Citigroup, HSBC, and Standard Chartered in Hong Kong.

H.E. Khaled Mohamed Balama, Governor of the UAE Central Bank, said: “We welcome the HKMA and its delegation to visit the UAE and hope to further build on the already robust relationship between the two central banks. During the discussions, we explored deepening cooperation in several important areas, including the development of financial market infrastructure and the digitalization and technological development opportunities.”

H.E. Khaled Mohamed Balama continued: “We look forward to establishing a long-term and close relationship with the HKMA and the overall Hong Kong financial services industry, and will continue to work together and exchange knowledge in these areas of mutual interest.”

Norman Chan, Chief Executive of the Hong Kong Monetary Authority, said: “These meetings strengthen collaboration between the central banks of Hong Kong and the United Arab Emirates in multiple important areas, and provide a platform for financial institutions and companies in Hong Kong and the UAE to deepen exchanges and cooperation. As financial centers, Hong Kong and the UAE complement each other and share common interests. Market participants in both places also have a great deal of room to work together to build connectivity.”

Chan added: “We look forward to continuing our collaboration with the Central Bank of the UAE and to more interaction between the financial industries of Hong Kong and the UAE. We also welcome UAE stakeholders to visit Hong Kong in the near future.”

Hong Kong Monetary Authority, Central Bank of the UAE, May 30, 2023

Norman Chan, Chief Executive of the Hong Kong Monetary Authority (fifth from right), met with H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE (fifth from left), on May 29 Abu Dhabi time.

Norman Chan (fifth from right), H.E. Khaled Mohamed Balama (fifth from left), and senior executives from Hong Kong and UAE banks attended a seminar on May 29 Abu Dhabi time to discuss business opportunities and explore areas for further cooperation.

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