The central banks of the two countries aim to boost financial cooperation and revolutionise international transactions
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The central banks of Hong Kong and the United Arab Emirates’ (UAE) have joined forces to boost financial cooperation. They have decided to collaborate on cryptocurrency regulations and promotion of financial technology development.
Abu Dhabi hosted a bilateral meeting for discussions on financial infrastructure and settlement of cross-border trade between the two countries.
The Hong Kong Monetary Authority (HKMA) said on Tuesday, May 30 that it met the Central Bank of the United Arab Emirates (CBUAE) counterparts, and the two agreed on “strengthening cooperation” on “virtual asset regulations and developments.”
The two central bank authorities also committed to hold discussions on “joint fintech development initiatives and knowledge-sharing efforts” with the respective innovation hubs of each region.
H.E. Khaled Mohamed Balama, CBUAE governor said that he expects the relationship with the HKMA to be of a long-term nature. Eddie Yue, HKMA chief executive said that the relationship will be economically beneficial for both jurisdictions as they share “many complementary strengths and mutual interests.”