The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (UAE) have formed a partnership to create a collaborative working group, focusing on areas like market interconnection, central bank digital currencies, infrastructure development, and virtual asset guidelines.
The HKMA is also expanding its presence in Southeast Asia after strengthening relationships in the Middle East.
As part of its 30th-anniversary celebrations, the HKMA is fostering innovation and expressing a commitment to financial stability, with its president, Yu Weiwen, highlighting the organization’s resilient spirit and eagerness to explore new financial opportunities.
Yu Weiwen fondly recalled the authority’s modest beginnings, marked by a lack of a proper office, symbolizing the arduous journey it has undertaken. He highlighted significant financial episodes, such as the 1998 attempt to devalue the Hong Kong dollar and the infamous 2008 Lehman Brothers crisis.
During a recent interview, Yu Weiwen, the President of the HKMA, emphasized the strategic partnerships that have emerged following Hong Kong’s extensive customs clearances. Among these initiatives is the establishment of the aforementioned “bilateral working group” with the UAE’s Central Bank.
These two entities have also formalized their commitment to collaborative exploration in the field of financial innovation by signing a memorandum of understanding.
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