Central Bank of Hong Kong and the UAE

The Hong Kong Monetary Authority (HKMA) said it had held a meeting with its counterparts from the Central Bank of the United Arab Emirates (CBUAE). During the meeting, an agreement was reached to strengthen cooperation in the field of financial technologies and digital assets.

The central banks have committed to facilitating discussions on joint fintech initiatives and knowledge-sharing efforts.

The Central Bank of Hong Kong and the UAE look forward to long-term and fruitful cooperation in the digital economy

CBUAE Governor HE Khaled Mohamed Balama said he expects the relationship with the HKMA to be long-term and fruitful in the digital economy.

HKMA CEO Eddie Yue (fifth from right) and CBUAE Governor HE Khaled Mohamed Balama (fifth from left) pictured with Hong Kong and UAE bank executives. Source: HKMA

In turn, HKMA Executive Director Eddie Yue said that a strong relationship will bring economic benefits to both jurisdictions, as they have many mutual interests. After the meeting of the top management of the Central Banks of the two countries, a seminar was held for senior managers of the banks of Hong Kong and the UAE.

The seminar covered a variety of topics, including:

  • methods for improving cross-border trade settlements;
  • exploring how UAE companies can leverage Hong Kong’s financial infrastructure sites.

The cooperation between the two central banks kicked off after the Hong Kong Securities and Futures Commission (SFC) allowed virtual asset service providers (VASPs) to serve retail investors in Hong Kong from June 1.

Hong Kong Treasurer: Benefits of Using Cryptocurrencies

The head of Hong Kong’s treasury told AFP that the city has allowed retail investors to trade cryptocurrencies under the new regulatory regime because cryptocurrencies have certain advantages. And they outweigh the existing risks, so cryptocurrencies will remain in the global financial system.

As a reminder, after the SFC announced the application process, several cryptocurrency exchanges applied to provide crypto trading services in Hong Kong.

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