According to an official press release, the Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) held a bilateral meeting in Abu Dhabi on May 29.
Here, they agreed to strengthen cooperation in three key areas including financial infrastructure, financial market connectivity and regulations on virtual asset development.
A joint working group led by CBUAE and HKMA, with support from banking stakeholders will be established to deliver the agreed initiatives.
Eddie Yue, CEO of HKMA, said: “These events have enhanced cooperation between the central banks of Hong Kong and the UAE in a number of key areas, while providing a platform. for financial institutions and businesses from Hong Kong and UAE to enhance exchanges and cooperation. Hong Kong and the UAE are two financial hubs that share many complementary strengths and common interests, and there are many opportunities for market participants from these two places to collaborate and build connections.”