The Hong Kong Monetary Authority and the Central Bank of the UAE agreed to strengthen cooperation on financial infrastructure, virtual asset regulation, and development

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) issued a press release stating that the Central Bank of the United Arab Emirates (UAE Central Bank) and the HKMA held a bilateral meeting in Abu Dhabi on May 29 (Abu Dhabi time) to strengthen cooperation in the financial services sector between the two regions. During the meeting, the UAE Central Bank and the HKMA discussed several cooperation plans and agreed to enhance collaboration in three main areas: financial infrastructure, interconnection of financial markets, and regulation and development of virtual assets. In addition, both parties facilitated discussions and knowledge sharing on cooperation plans for fintech development through their respective innovation hubs.

The UAE Central Bank and the HKMA will jointly establish a working group to advance the agreed cooperation matters with the support of relevant stakeholders in the banking sectors of both regions. Banks attending the seminar included First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC, and Standard Chartered operating in the UAE, as well as Bank of China, Citigroup, HSBC, and Standard Chartered operating in Hong Kong. (Source link)