Abu Dhabi: The Central Bank of the UAE (CBUAE) and the Hong Kong Monetary Authority (HKMA) held their second bilateral meeting in Hong Kong on December 20, further enhancing cooperation between their financial sectors.
Attended by senior officials from both institutions, including H.E. Saif Humaid Al Dhaheri of CBUAE and Mr. Stanley Chan of HKMA, the meeting built on the discussions from their first session in Abu Dhabi in May 2023.
After their first bilateral meeting in Abu Dhabi in May 2023, the CBUAE and HKMA have continued their in-depth discussions on key areas such as cross-border debt capital market connectivity, financial infrastructure development, and investment opportunities in both the MENA region and Mainland China.
As part of this ongoing collaboration, a Memorandum of Understanding (MoU) was signed between Mr. Eddie Yue, Chief Executive of the HKMA, and H.E. Khaled Mohamed Balama, Governor of the CBUAE.
The #CentralBankUAE and the @hkmagovhk held the second bilateral meeting in Hong Kong today, further solidifying cooperation and connectivity between the financial services sectors of the two jurisdictions.
For more information: https://t.co/Foz59oVcDm pic.twitter.com/k3Kh8xVcMK
— Central Bank of the UAE (@centralbankuae) December 20, 2024
The MoU formalizes the cooperation, focusing on establishing connectivity between the debt capital markets and their associated financial infrastructures in Hong Kong and the UAE. This aims to facilitate cross-border debt securities issuance and investment activities.
H.E. Khaled Mohamed Balama expressed optimism about the initiative, highlighting its potential to allow efficient access to both the MENA and Asian debt markets.
Mr. Eddie Yue echoed these sentiments, emphasizing Hong Kong’s role as a strategic gateway for international debt markets and the promise of further cooperation between the UAE and Hong Kong.
The continued collaboration between CBUAE and HKMA underscores their commitment to strengthening financial ties, enhancing market connectivity, and unlocking new investment opportunities between the two countries.