Business Markets News Report
October 12, 2023

Hong Kong and UAE Central Bank Partner To Enhance Digital Currency and Virtual Asset Oversight

In Brief

The Hong Kong Monetary Authority and UAE’s Central Bank are collaborating for an increased oversight of digital currencies and market.

Hong Kong and UAE Central Banks Collaborate on Digital Currencies and More

The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (UAE) have jointly initiated a working group. This collaboration is primed to delve into areas such as market interconnection, the evolution of central bank digital currencies, infrastructural growth, digital transitions of central banks, and guidelines on virtual asset development.

The Nexus of East and West

Earlier this year, the Hong Kong Special Administrative Region’s Chief Executive, John Lee, led a business delegation to the Middle East. This sparked a keen interest in amplifying Hong Kong’s financial and trade ties with the region. As part of this initiative, the HKMA has been proactive in connecting with financial regulators, institutions, and businesses in the UAE and Saudi Arabia.

During a recent interview, Yu Weiwen, President of HKMA accentuated the strategic alignments taking place post-Hong Kong’s extensive customs clearances. These include the establishment of the aforementioned “bilateral working group” with the UAE’s Central Bank. The two entities have also inked a memorandum of understanding, solidifying their commitment to collaboratively venture into financial innovation domains.

Adding to this momentum, the HKMA is eyeing further expansions into Southeast Asia, with high-level meetings slated with regional central banks and major institutional investors. In tandem with its 30th-anniversary celebrations, the HKMA will also orchestrate the International Investment Summit of Financial Leaders and open the Asia-Pacific Representative Office in Hong Kong.

Three Decades of HKMA

Celebrating its 30th anniversary this year, HKMA’s history is replete with challenges and milestones. Yu Weiwen, nostalgically recalled the authority’s humble beginnings, with no proper office, symbolizing the journey’s toughness. He highlighted significant financial episodes like the 1998 attempt to devalue the Hong Kong dollar and the infamous 2008 Lehman Brothers debacle.

Yu Weiwen conveyed the HKMA’s relentless drive towards achieving financial stability and its commitment to fostering innovation. He mentioned the many adversities faced and how they have prepared the organization for future challenges. “We stay youthful in spirit and harbor an enthusiasm for financial growth, ever eager to traverse new financial terrains,” Yu added.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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