Hong Kong, UAE apex banks tighten alliance

In a bid to enhance their financial ties, the central banks of Hong Kong and the United Arab Emirates (UAE) have announced their plans to strengthen cooperation across various areas. The Hong Kong Monetary Authority and the Central Bank of the UAE have expressed their intentions to collaborate on financial infrastructure, financial market connectivity, and regulations pertaining to virtual assets.

During discussions, the central banks explored potential arrangements to facilitate cross-border trade settlement. They also delved into ways in which UAE companies can effectively utilise Hong Kong’s financial infrastructure platforms to gain access to Asian and mainland markets.

Representatives from major global, Chinese, and UAE banking groups convened at a bilateral meeting held in Abu Dhabi on Monday. The attendees included prominent institutions such as HSBC, Standard Chartered, Citi, Industrial and Commercial Bank of China, Bank of China, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, and Emirates NBD.

This cooperative effort between the central banks of Hong Kong and the UAE aims to foster closer financial cooperation, bolstering economic ties between the two markets. By collaborating on financial infrastructure, market connectivity, and regulatory frameworks, the banks seek to facilitate smoother cross-border transactions and support the growth and development of their respective financial sectors.