"Central Bank" And the Hong Kong Monetary Authority are discussing cooperation

2024/12/20 1:14:44 PM

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Abu Dhabi, December 20 / WAM / The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority held the second meeting today, chaired by His Excellency Khalid Mohammed Al Amma, Governor of the Central Bank of the United Arab Emirates, and Eddie Yu, Chief Executive of the Hong Kong Monetary Authority, with the aim of strengthening ties and relations. Bilateralism, and consolidating cooperation in areas of strategic interest.
The meeting was attended by His Excellency Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services, Stanley Chen, Head of the Central Capital Markets Unit, and a number of officials from both sides.
The meeting, which comes as a continuation of the joint discussions that took place in Abu Dhabi in 2023, focused on discussing several key bilateral areas, including joint connectivity between cross-border debt instrument markets, financial infrastructure development initiatives, and future aspirations and investment opportunities in the Middle East and North Africa region. And the Chinese mainland market.
On the sidelines of the meeting, His Excellency Khaled Mohammed Al-Amma and Eddie Yu signed a memorandum of understanding aimed at consolidating joint cooperation in the field of financial services, such as establishing a mechanism to link the debt instrument markets in the two countries and the relevant financial market infrastructure in order to facilitate the issuance of debt instruments across borders and investment activities in The two markets.
His Excellency Khaled Mohammed Al-Amma referred to the progress achieved in today’s meeting with the Hong Kong Monetary Authority, and the efforts made to strengthen cooperation and partnership relations, stressing the progress in developing debt instrument markets in the UAE and Hong Kong by facilitating the issuance of debt securities across borders in a manner Cost effective, in addition to trading, investing, settlement and collateral management.
He explained that this initiative contributes to enabling the UAE to become a gateway for exporters and investors in the Middle East and North Africa region to access Chinese and Asian debt markets, while also allowing Chinese and Asian exporters and investors to directly access debt markets in the region through the country.
For his part, Mr. Eddie Yu said that the discussions of the second meeting enhance the level of joint cooperation in many important financial fields, while the signed bilateral memorandum of understanding contributes to deepening the scope of bilateral cooperation and exchanging experiences in debt instruments markets, and strengthening Hong Kong’s strategic role as a gateway to the Chinese and international debt markets. .
He pointed out that there is great potential in the financial sectors on both sides to explore new business opportunities, stressing the aspiration to continue the partnership with the Central Bank of the Emirates to expand investment areas and link financial markets in the Middle East and Asia regions.