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The Central Financial institution of the United Arab Emirates (CBUAE) and the Hong Kong Financial Authority (HKMA) convened a bilateral assembly on Could 29, meaning to amplify cooperation within the monetary providers area between the 2 areas.
The CBUAE and HKMA deliberated over quite a few collaborative methods in the course of the assembly and consented to enhance cooperation in three pivotal areas: monetary infrastructure, monetary market connectivity between the 2 areas, and digital asset rules and developments. Furthermore, the 2 central banks facilitated dialogue between their respective innovation hubs to propel fintech improvement initiatives and information sharing efforts.
To advance the agreed initiatives, a joint working group led by the CBUAE and HKMA will likely be established, supported by the related stakeholders from the banking sectors of each jurisdictions.
Following the bilateral assembly, the 2 central banks, together with high-level executives from banks within the UAE and Hong Kong, held a seminar exploring key alternatives between the 2 areas. Matters of debate encompassed doable preparations to reinforce cross-border commerce settlement, methods UAE firms can higher entry Asian and Mainland markets by means of Hong Kong’s monetary infrastructure platforms, and monetary and funding options, together with capital market alternatives within the Guangdong-Hong Kong-Macao Higher Bay Space.
Banks from the UAE together with the First Abu Dhabi Financial institution, Abu Dhabi Islamic Financial institution, Emirates NBD, Industrial and Business Financial institution of China, Financial institution of China, HSBC, and Customary Chartered participated within the seminar. From Hong Kong, the Financial institution of China, Citi, HSBC, and Customary Chartered joined the dialogue.
“We’re delighted to welcome the Hong Kong Financial Authority and its delegation to the UAE, as we aspire to construct on our central banks’ present and sturdy relations,” mentioned H.E. Khaled Mohamed Balama, Governor of the CBUAE. “Throughout at present’s discussions, we explored intensifying collaboration throughout a number of key areas, together with monetary market infrastructure improvement and mutual alternatives for progress in digitization and technological development.”
H.E. Balama added, “We anticipate a longstanding engagement with the HKMA and the broader Hong Kong monetary providers sector. We are going to proceed collaborating with and exchanging information in these areas of mutual curiosity.”
Eddie Yue, the Chief Govt of HKMA, said, “These occasions have enhanced collaboration between the central banks of Hong Kong and the UAE in a number of essential areas, offering a platform for monetary establishments and firms from each areas to enhance trade and collaboration. Hong Kong and the UAE, as monetary facilities, share many complementary strengths and mutual pursuits. There’s ample scope for market contributors from each locations to collaborate and construct connectivity.”
Yue added, “We stay up for continued collaboration with the CBUAE, elevated trade between the monetary sectors of Hong Kong and the UAE, and welcome the go to of UAE stakeholders to Hong Kong within the close to future.“
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