The Hong Kong Financial Authority (HKMA) and The Central Financial institution of the UAE (CBUAE) not too long ago held a bilateral assembly to strengthen cooperation between the 2 areas’ monetary companies industries. The discussions centred on monetary infrastructure, monetary market connectivity, and the regulation and improvement of digital belongings.
High Financial institution Executives Collect for Seminar on Collaboration between Hong Kong and UAE
Throughout the assembly, each events agreed to broaden their collaboration in these areas and recognized areas for collaboration in fintech improvement and knowledge alternate. To maneuver the agreed-upon efforts ahead, the HKMA and CBUAE will co-chair a joint working group comprised of key stakeholders from each international locations’ banking sectors.
Following the bilateral assembly, the central banks hosted a seminar attended by high executives from banks in each Hong Kong and the UAE. The seminar checked out potential areas of collaboration, equivalent to monetary and funding options, capital market alternatives within the Higher Bay Space, and preparations to enhance cross-border commerce settlement.
Representatives from a number of outstanding banks from the United Arab Emirates attended the seminar, together with First Abu Dhabi Financial institution, HSBC, Emirates NBD, Industrial and Business Financial institution of China, Financial institution of China, and Commonplace Chartered. Delegates from the Financial institution of China, Citi, HSBC, and Commonplace Chartered represented Hong Kong.
H.E. Khaled Mohamed Balama, Governor of the CBUAE, welcomed the HKMA delegation to the UAE. He pledged to strengthen collaboration in important areas equivalent to monetary market infrastructure and digital economies. He emphasised the significance of continuous to cooperate and share info with the HKMA and the Hong Kong monetary companies trade.
Governor Balama and Chief Government Yue Focus on Enhanced Cooperation between CBUAE and HKMA
Mr. Eddie Yue, Chief Government of the HKMA, emphasised the significance of the occasions in strengthening collaboration between the Hong Kong and UAE central banks. He said that working collectively and increasing connections between the 2 monetary hubs, which have complementary capabilities and shared pursuits, can profit market gamers in each areas. Mr. Yue additionally expressed enthusiasm for future collaboration with the CBUAE. He welcomed UAE stakeholders to Hong Kong for future engagements.
The conferences and seminar promoted larger cooperation and supplied a discussion board for monetary establishments and firms from each areas to alternate and collaborate. The strengthened ties between Hong Kong’s and the UAE’s central banks have the potential for mutually useful outcomes and elevated connectivity between the 2 dynamic economies’ monetary sectors.
