- CBUAE and HKMA discussed strengthening collaboration using the three major sectors.
- UAE continuously collaborate and expect to exchanging understanding.
The Uae has set its sights on developing itself like a crypto hub. Lately, the UAE has had plenty of initiatives to determine this goal. After that, the Central Bank from the Uae (CBUAE) has intends to enhance its collaboration using the Hong Kong Financial Authority (HKMA) to bolster financial ties and boost cooperation in multiple areas.
On May 29, the Central Bank from the Uae and also the Hong Kong Financial Authority conducted a bilateral meeting in Abu Dhabi. CBUAE and HKMA discussed strengthening collaboration using the three major sectors.
CBUAE to boost Financial Market Connectivity
CBUAE and HKMA intend to collaborate on financial infrastructure, financial market connectivity between both of these government bodies, and virtual asset rules and development. In addition, the 2 central banks discussed their combined fintech development initiatives and understanding-discussing efforts within their particular innovation hubs.
Some pot working group is going to be created to advance the agreed initiatives using the support of relevant stakeholders in the two banking sectors. Following a meeting, the 2 senior executives from the central bank conducted a seminar on key possibilities to pursue between CBUAE and HKMA. The seminar has covered topics on possiblity to have better mix-border trade settlement and many collaborative initiatives.
Banks operating within the UAE took part in the seminar, as did banks operating in Hong Kong. Furthermore, H.E. Khaled Mohamed Balama, Governor from the CBUAE, mentioned the UAE is searching toward a lengthy-lasting engagement with HKMA. UAE continuously collaborate and expect to exchanging understanding on similar regions of interest.