UAE - Mubasher: The Central Bank of the UAE has entered into a Memorandum of Understanding (MoU) with the Hong Kong Monetary Authority (HKMA) to promote fintech collaboration between the two authorities.
Under the agreement, the two jurisdictions will cooperate in enhancing innovative financial services and regulatory development, according to a press release on Tuesday.
At the same time, the CBUAE will join the central bank digital currency bridge (m-CBDC Bridge) project.
This project is conducted 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.
Commenting on the agreement, the Governor of the CBUAE, Saeed Alahmadi, said: "The MoU will certainly set the stage for future joint experimentation of digital innovation between CBUAE and the HKMA."
Meanwhile, the Chief Executive of the HKMA, Eddie Yue, remarked: "The HKMA has been making considerable efforts to expand our international fintech network to include counterparts in the Middle East, and CBUAE is naturally a valuable partner of our network."