The UAE Banks Federation signs a memorandum of understanding with the Hong Kong Banks Association

Abu Dhabi (Etihad)

The UAE Banks Federation signed a memorandum of understanding with the Hong Kong Banking Association, the body responsible for representing banks and financial institutions licensed in Hong Kong, with the aim of enhancing cooperation and exchanging experiences to support the financial and banking sector between the two parties.

Jamal Saleh, Director General of the Emirates Banking Federation, and Stephen Chan, Acting Chairman of the Board of Directors of the Hong Kong Association of Banks, signed a memorandum of understanding with the aim of strengthening cooperation relations and developing the work of the financial and banking institutions that are members of both sides and banking and financial work in general, within the directives and supervision of the Bank of the United Arab Emirates. United Central Bank and the Hong Kong Monetary Authority (HKMA).

According to the memorandum of understanding, the UAE Banks Federation and the Hong Kong Banks Association will exchange knowledge and expertise in order to develop banking and financial work and organize workshops and programs for member banks of both parties, to ensure keeping pace with the latest developments in the banking industry and complying with international laws, standards and principles, especially with regard to governance, transparency and sustainability.

The Hong Kong Association of Banks, which includes more than 160 banks and financial institutions operating in Hong Kong, has been working since its founding in 1981 to represent banks operating in Hong Kong, develop banking work, and preserve the interests of member banks, under the supervision and follow-up of the Hong Kong Monetary Authority. Kong.

The conclusion of the memorandum with the Hong Kong Banks Association comes within the UAE Banks Federation’s ongoing efforts to strengthen relations with banking unions and associations in sisterly and friendly countries to support relations and exchange between the UAE and these countries, and work to ensure keeping pace with the regulations, policies and best practices that consolidate the leading position of the financial and banking sector in the country. Emirates, and develop it in line with the country’s directions.

Jamal Saleh said: “The UAE Banks Federation has continued its tireless efforts, since its founding in 1982, to strengthen relations with the parties concerned with developing banking and financial work inside and outside the United Arab Emirates with the aim of sharing knowledge and expertise as part of the Union’s ongoing initiatives to develop banking work and contribute to development in the country.” UAE, in light of direct cooperation with the Central Bank of the United Arab Emirates.”

Saleh added: “Hong Kong is a leading financial and banking center in the world, as it includes branches and regional headquarters of most of the world’s largest banks. Cooperation between us will contribute to the development of the financial and banking sector, and consolidate the UAE’s position among the most prominent financial and banking centers in the world. This memorandum will allow for mutual benefit.” “Following best practices in governance, transparency, risk management, sustainability, digital transformation, and employing modern and advanced technologies to provide a safe and smooth banking experience for various customer segments.”

For his part, Stephen Chan, Acting Chairman of the Hong Kong Banking Association and Executive Vice President of the Bank of China 'Hong Kong', said: “We look forward to closer cooperation with the banking sector in the UAE and working together to achieve our common goals, and Hong Kong and our banking sector can To play a pivotal role in bridging the gap between financial institutions and companies in the UAE and the financing and investment opportunities provided by the Chinese mainland and Hong Kong markets.”