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Collaborative Initiatives Discussed to Enhance Financial Services Sectors
The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) recently held a bilateral meeting in Abu Dhabi to strengthen collaboration in the financial services sectors of both jurisdictions. The meeting emphasized enhancing cooperation in three major areas: financial infrastructure, financial market connectivity, and virtual asset regulations and developments.
Joint Working Group Formed to Drive Agreed Initiatives
To advance the discussed initiatives, a joint working group, led by the CBUAE and HKMA, will be formed with support from relevant stakeholders in the banking sectors of both jurisdictions. This collaborative effort aims to foster deeper ties and capitalize on mutual opportunities for growth, digitization, and technological advancement.
Seminar Explores Key Opportunities for Cross-Border Trade and Investment
Following the bilateral meeting, senior executives from UAE and Hong Kong banks participated in a seminar to discuss key opportunities between the two regions. The seminar covered topics such as cross-border trade settlement arrangements, leveraging Hong Kong’s financial infrastructure platforms for UAE corporates to access Asian and Mainland markets, and exploring financial and investment solutions in the Guangdong-Hong Kong-Macao Greater Bay Area.
Strong Commitment to Longstanding Engagement and Knowledge Exchange
H.E. Khaled Mohamed Balama, Governor of the CBUAE, expressed pleasure in deepening collaboration and building on existing relations between the central banks. He highlighted the importance of collaboration in financial market infrastructure development and mutual growth in digitization and technological advancement. H.E. Balama reiterated the commitment to a longstanding engagement with the HKMA and the broader financial services sector in Hong Kong.
Room for Market Participants to Foster Connectivity and Exchange
Mr. Eddie Yue, Chief Executive of the HKMA, emphasized the significance of the events in enhancing collaboration and providing a platform for financial institutions and corporates from both regions to exchange ideas and foster collaboration. He highlighted the complementary strengths and mutual interests between Hong Kong and the UAE, emphasizing the vast potential for market participants to work together and build connectivity.
Conclusion
The bilateral meeting between the CBUAE and HKMA marks a significant step in strengthening financial cooperation between the UAE and Hong Kong. Through collaborative initiatives, a joint working group, and knowledge exchange, both jurisdictions aim to enhance financial infrastructure, market connectivity, and virtual asset regulations. The commitment to longstanding engagement and mutual growth reflects the shared vision of the UAE and Hong Kong as prominent financial centers.
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