ADGM’s FSRA and HKMA sign MoU for enhanced cooperation in cross-border trade and data exchange.
A Memorandum of Understanding (MoU) has been signed by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the Hong Kong Monetary Authority (HKMA) to strengthen their cooperation, especially in the areas of business cooperation and data exchange related to cross-border trade.
By utilizing fintech and data, the FSRA and the Hong Kong Monetary Authority want to further advance inclusive and cutting-edge financial services in their respective markets.
Wai Lum Kwok, senior executive director of authorisation and fintech at the FSRA, and Colin Pou, executive director of financial infrastructure for the HKMA, signed the Memorandum of Understanding. Building on the firm basis established by the signing of a cooperation agreement in 2018, the exchange of the Memorandum of Understanding (MoU) represents a significant turning point in the development and reinforcement of the cooperation between the two authorities.
In accordance with the MoU, the two authorities will consider working together on Proof-of-Concept projects to link the ADGM’s SME Financing Platform with the HKMA’s Commercial Data Interchange.
In order to address possible pain points in cross-border financial services, such as small and medium-sized enterprise (SME) account opening and financing to improve cross-border trading, both authorities will also work together to investigate use cases for cross-border data exchange with user consent.
“Creating a dynamic environment for SMEs”
“We are delighted to deepen our collaboration and knowledge exchange with the FSRA through this MoU,” Pou said in response to a question about the announcement.
This demonstrates our mutual dedication to fostering financial innovation and maximizing data’s value. In the era of digitalization, both agencies understand how critical it is to develop next-generation data platforms and facilitate cross-border data sharing. We are confident that working together will promote financial innovation and provide SMEs in both jurisdictions with better access to funding options.
“This MoU further strengthens the strategic partnership between the FSRA and HKMA to foster cross-border trade and business leveraging technological innovation,” Kwok added in his assessment of the partnership.
The enormous potential that the digital bridge between our platforms holds to link the Greater Bay Area and the UAE markets through their respective gateways of ADGM and Hong Kong excites us. We are eager to collaborate closely with the HKMA to create a thriving SME ecosystem in both countries.
