UAE and Hong Kong Central Banks Enhance Collaboration in Virtual Asset Regulations and Developments

Abu Dhabi played host to a bilateral meeting between the Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) on May 29, as both entities sought to bolster collaboration within their financial services sectors. The meeting resulted in a fruitful exchange of ideas and an agreement to reinforce cooperation in several key areas.

During the discussions, the CBUAE and the HKMA focused on enhancing collaboration in three major domains: financial infrastructure, financial market connectivity, and virtual asset regulations and developments. Recognizing the potential for growth and mutual benefit, the central banks expressed their commitment to further strengthen ties and leverage each other’s strengths.

The Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue (front row, right), met with the Governor of the Central Bank of the United Arab Emirates, H.E. Khaled Mohamed Balama (front row, left) on May 29 (Abu Dhabi time).

To ensure the successful implementation of the agreed-upon initiatives, a joint working group led by the CBUAE and the HKMA, with the participation of key stakeholders from the banking sectors of both jurisdictions, will be formed. This collaborative effort aims to drive progress and cultivate a stronger financial ecosystem, providing tangible benefits to businesses and consumers alike.

The Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue (fifth right), and the Governor of the Central Bank of the United Arab Emirates (UAE), H.E. Khaled Mohamed Balama (fifth left), conducted a seminar on May 29 (Abu Dhabi time) with senior executives from Hong Kong and UAE banks on business opportunities and exploring areas for further collaboration.

In addition to the bilateral meeting, the central banks, together with senior executives from UAE and Hong Kong banks, organized a seminar focused on key opportunities between Hong Kong and the UAE. The seminar delved into discussions on various arrangements to facilitate cross-border trade settlement, optimal utilization of Hong Kong’s financial infrastructure platforms by UAE corporations to access Asian and mainland markets, and the abundant financial and investment prospects in the Guangdong-Hong Kong-Macao Greater Bay Area.

The seminar witnessed the active participation of prominent banks operating in the UAE, including First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC, and Standard Chartered. Similarly, banks from Hong Kong, such as Bank of China, Citi, HSBC, and Standard Chartered, offered their insights and expertise to foster meaningful discussions.

H.E. Khaled Mohamed Balama, Governor of the CBUAE, expressed his satisfaction at welcoming the delegation from the Hong Kong Monetary Authority, emphasizing the importance of building upon the already robust relations between the two central banks. Governor Balama stressed the exploration of collaboration opportunities in financial market infrastructure development, digitization, and technological advancements to achieve mutually beneficial growth.

Mr. Eddie Yue, Chief Executive of the HKMA, echoed these sentiments, noting that the events had significantly enhanced collaboration between the central banks of Hong Kong and the UAE across multiple vital areas. Mr. Yue highlighted the complementarity of strengths and mutual interests shared by the two financial centers, emphasizing the vast potential for increased connectivity and collaboration among market participants from both jurisdictions. He further extended a warm welcome to UAE stakeholders, inviting them to visit Hong Kong in the near future and continue fostering stronger ties.

The collaborative efforts between the CBUAE and the HKMA signify a significant step towards enhancing financial cooperation between the UAE and Hong Kong. With a shared vision for growth and innovation, these initiatives pave the way for a promising future, where both jurisdictions can capitalize on each other’s strengths and unlock new opportunities in the rapidly evolving global financial landscape.

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