The two sides will intensify discussions between innovation centers on both sides regarding joint initiatives to develop financial technology and exchange experiences, provided that a joint working group will be formed, led by the Central Bank of the UAE and the Monetary Authority in Hong Kong and with the support of the banking sector, 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 Monetary Authority of Hong Kong organized a seminar on opportunities in the UAE and Hong Kong, in the presence of senior executives of banks operating from both sides.
The symposium dealt with bilateral discussions on the arrangements that can be taken to facilitate the settlement of cross-border commercial transactions in a better way, and the possibility of optimal use for UAE companies from the financial infrastructure platforms in Hong Kong to access the markets of Asia and the People’s Republic of China, and the financial solutions and investment opportunities available in the capital markets in the UAE. China’s Greater Bay Area, which includes Guangdong Province, Macao Province, and Hong Kong.
Khaled Mohammed Balaama, Governor of the UAE Central Bank, said: “We look forward to building on the existing strong relations to enhance cooperation between the UAE Central Bank and the Monetary Authority in Hong Kong. In the meetings, we discussed ways to deepen the scope of bilateral cooperation across many important and vital areas, including the development of The infrastructure of financial markets, and the common opportunities for achieving growth in digitization and technological advancement.
The Governor added that we are looking forward to a broad and long-term partnership with the Monetary Authority and the financial services sector in Hong Kong, and we will continue with our counterparts to enhance cooperation and exchange of experiences in common fields.
In turn, Eddie Yu, CEO of the Hong Kong Monetary Authority, said that the meetings between the Emirates Central Bank and the Hong Kong Monetary Authority enhance bilateral cooperation in a number of important areas, while providing a platform for financial institutions and companies on both sides to accelerate exchange and expand the scope of joint cooperation. Given that the UAE and Hong Kong are two financial centers that share many complementary strengths and common interests, there is ample room for participants in the two markets to enhance efforts and strengthen common ties.
Yu added, “We seek to continue cooperation with the UAE Central Bank, and expand relations between the financial sector in the UAE and Hong Kong, and we welcome the visit of our partners in the UAE to Hong Kong in the near future.”
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