Abu Dhabi, 30 May 2023 – The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) have taken significant steps to enhance collaboration between their respective financial services sectors. A bilateral meeting held in Abu Dhabi on 29 May marked the beginning of a strengthened partnership between the two jurisdictions. The CBUAE and the HKMA engaged in fruitful discussions during the meeting, focusing on three key areas of cooperation. Firstly, they emphasized the importance of enhancing financial infrastructure. Secondly, they sought to establish stronger financial market connectivity between the UAE and Hong Kong. Finally, both central banks recognized the need to address virtual asset regulations and developments in order to foster a secure and efficient financial environment.
To advance these initiatives, a joint working group led by the CBUAE and HKMA, with the participation of key stakeholders from their respective banking sectors, will be formed. This collaborative effort aims to propel the agreed-upon initiatives forward, enabling the jurisdictions to leverage their strengths and promote financial stability.
In addition to the bilateral meeting, a seminar was held where senior executives from banks in the UAE and Hong Kong convened. The seminar shed light on various opportunities for cooperation between the two financial hubs. Discussions revolved around facilitating cross-border trade settlement, enhancing access to Asian markets for UAE corporates through Hong Kong’s financial infrastructure, and exploring investment solutions and capital markets opportunities in the Greater Bay Area.
Participants from leading banks 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, actively engaged in the seminar. Representatives from Hong Kong-based banks, such as Bank of China, Citi, HSBC, and Standard Chartered, also contributed to the enriching dialogue.
Governor of the CBUAE, H.E. Khaled Mohamed Balama, expressed satisfaction with the progress made, stating, “We are pleased to have welcomed the Hong Kong Monetary Authority and its delegation to the UAE as we look to build on our central banks’ existing and robust relations.” He emphasized the shared commitment to deepening collaboration and knowledge exchange in various areas of mutual interest.
Echoing these sentiments, Mr. Eddie Yue, Chief Executive of the HKMA, remarked, “These events enhanced the collaboration between the central banks of Hong Kong and the UAE in a number of important areas, and provided a platform for financial institutions and corporates from Hong Kong and the UAE to step up exchange and collaboration.” Mr. Yue expressed optimism about future cooperation and welcomed the UAE stakeholders to visit Hong Kong in the near future.
The strengthened ties between the CBUAE and the HKMA herald a new era of financial cooperation, fostering growth, innovation, and connectivity between the UAE and Hong Kong. As these two prominent financial centers combine their complementary strengths, they are poised to seize the opportunities that lie ahead in an ever-evolving global financial landscape.
About Hong Kong Monetary Authority The Hong Kong Monetary Authority (HKMA) is the government authority responsible for maintaining monetary and banking stability in Hong Kong. It aims to promote the general stability and integrity of the monetary and financial systems in the region.
About Central Bank of the United Arab Emirates The Central Bank of the United Arab Emirates (CBUAE) is the primary regulatory and supervisory authority overseeing the monetary and banking system in the United Arab Emirates. The CBUAE works to maintain monetary stability, promote financial stability, and enhance the resilience of the UAE’s financial system.
