Hong Kong Monetary Authority, Central Bank of UAE strengthen fintech collaboration

2021-02-23 12:05:57 GMT2021-02-23 20:05:57(Beijing Time) Xinhua English

HONG KONG, Feb. 23 (Xinhua) -- The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) jointly announced the exchange of a Memorandum of Understanding (MoU) Tuesday, with a view to strengthening cooperation between the two authorities in promoting innovative financial services and regulatory development.

Under the MoU, the two authorities have agreed that the CBUAE will join the multiple central bank digital currency bridge (m-CBDC Bridge) project collaboratively implemented by the HKMA, the Bank of Thailand, the Digital Currency Institute of the People's Bank of China and the Bank for International Settlements Innovation Hub Centre in Hong Kong.

Chief Executive of the HKMA Eddie Yue said, "We anticipate that a lot of synergies will arise from the strengthened collaboration under the MoU, and look forward to the CBUAE's joining of our CBDC project to enrich, and bring in new thoughts and perspectives for the project."

H.E. Abdulhamid M. Saeed Alahmadi, governor of the CBUAE, said, "Building on this momentum, CBUAE is very excited to be able to use the experience gained so far and participate in the m-CBDC Bridge project. The MoU will certainly set the stage for future joint experimentation of digital innovation between CBUAE and the HKMA." Enditem