The Hong Kong Monetary Authority issued a press release stating that the Central Bank of the United Arab Emirates (CBA) and the Hong Kong Monetary Authority (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 places. During the meeting, the CBA and the HKMA discussed a number of cooperation plans and agreed to strengthen cooperation in three major areas: financial infrastructure, financial market connectivity between the two places, and virtual asset supervision and development. In addition, the two sides facilitated discussions and knowledge sharing on cooperation plans for the development of financial technology in their respective innovation hubs.
The Central Bank of the UAE and the HKMA will jointly set up a working group to promote the cooperation matters agreed by both parties with the support of relevant stakeholders in the banking industry of both places. Banks attending the seminar include 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.