The two parties will intensify discussions between the two parties’ innovation centers on joint initiatives to develop financial technology and exchange experiences, provided that a joint working group is formed, led by the Emirates Central Bank. United Arab Emirates and the Hong Kong Monetary Authority, with support from the banking industry, to follow up on all agreed initiatives.
The two sides held a bilateral meeting in Abu Dhabi to discuss ways to enhance cooperation in the financial services sector.
After the bilateral meeting, the Central Bank and the Hong Kong Monetary Authority held a seminar on opportunities in the UAE and Hong Kong, attended by senior executives from banks operating on both sides.
The symposium focused on bilateral discussions on arrangements that can be made to facilitate the settlement of cross-border trade transactions in a better manner, and the possibility of optimal use for UAE businesses of the platforms. financial infrastructure in Hong Kong to access the markets of Asia and the People’s Republic of China, as well as the financial solutions and investment opportunities available in the capital markets of the United Arab Emirates The Greater Bay Area of China, which includes Guangdong Province, Macao Province and Hong Kong.
Khaled Mohammed Balaama, Governor of the Central Bank of the United Arab Emirates, said: “We look forward to building on the existing strong relationship to strengthen cooperation between the Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority. We discussed in the meetings ways to deepen the scope of bilateral cooperation in many important and vital areas, including the development of financial market infrastructure, and joint growth opportunities of digitalization and technological progress. .
The Governor added that we look forward to a broad and long-term partnership with the Monetary Authority and the financial services industry in Hong Kong, and we will continue with our counterparts to strengthen cooperation and exchange of experiences in common areas.
In turn, Eddie Yu, CEO of the Hong Kong Monetary Authority, said the meetings between the Central Bank of the Emirates and the Hong Kong Monetary Authority strengthened bilateral cooperation in a number of important areas, while providing a platform for financial institutions and businesses on both sides. Since the UAE and Hong Kong are two financial centers that share many complementary strengths and common interests, there is ample opportunity for participants in both markets to step up their efforts and strengthen their common ties.
Yu added, “We seek to continue cooperation with the UAE Central Bank and expand relations between the UAE financial sector and Hong Kong, and we welcome the visit of our UAE partners to Hong Kong. Kong in the near future”.
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