The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) met in Abu Dhabi to cooperate on virtual asset rules, financial market links, and financial infrastructure.

In Abu Dhabi, there was a bilateral meeting between the Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE). There, they sought to improve cooperation between the two jurisdictions’ financial services industries.

The CBUAE and the HKMA addressed several cooperative projects during the conference. They also decided to intensify their collaboration in three key areas. These included advancements in virtual asset rules as well as financial market connections between the two jurisdictions and financial infrastructure.

The two central banks also enabled conversations about combined fintech development projects and knowledge-sharing activities between their respective innovation centres.

To move the agreed-upon steps forward, a joint working group led by the CBUAE and HKMA with assistance from the pertinent banking industry stakeholders in the two jurisdictions will be established.

After the bilateral meeting, senior bank executives from the UAE and Hong Kong held a seminar with the two central banks on Hong Kong-UAE prospects. The conference explored prospective agreements to improve cross-border trade settlement and how UAE firms may use Hong Kong’s financial infrastructure platforms to reach Asia and mainland markets.

The Greater Bay Area—Guangdong, Hong Kong, and Macao—offered banking, investment, and capital market opportunities.

The conference included UAE-based banks First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC, and Standard Chartered. Hong Kong-based Bank of China, Citi, HSBC, and Standard Chartered participated.

Opportunities for growth on both sides

In an effort to further the already strong ties between our central banks, H.E. Khaled Mohamed Balama, governor of the CBUAE, stated: “We are glad to have hosted the Hong Kong Monetary Authority and its delegation to the United Arab Emirates. During the day’s discussions, we looked at ways to strengthen our cooperation in a number of crucial sectors, such as the development of the financial market infrastructure and shared growth prospects in digitisation and technological advances.

“We look forward to a long-term relationship with the HKMA and the financial services industry in Hong Kong as a whole, and we will keep working together and sharing knowledge in these shared areas of interest.”

Increasing cooperation

“These events enhanced the collaboration between the central banks of Hong Kong and the UAE in a number of critical areas, and provided a platform for financial institutions and corporates from Hong Kong and the UAE to step up exchange and collaboration,” said Eddie Yue, chief executive of the HKMA. With their many complimentary qualities and shared interests, Hong Kong and the UAE are two financial hubs, and there is plenty of space for market participants from these two locations to collaborate and improve connection.

“We look forward to continuing our partnership with the CBUAE and to increased communication between the financial sectors in Hong Kong and the UAE,” Yue stated. Last but not least, we would welcome any future visits to Hong Kong by UAE stakeholders.

Hong Kong and UAE FS Sectors work together
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