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Abu Dhabi, UAESaturday 21 July 2018

ADGM and Hong Kong to work together on FinTech development

Agreement to jointly promote financial services innovation and accelerate cross-border FinTech business opportunities in Hong Kong and the UAE

Abu Dhabi Global Market and Hong Kong Monetary Authority will jointly promote financial technology prospects and opportunities. Mona Al Marzooqi / The National
Abu Dhabi Global Market and Hong Kong Monetary Authority will jointly promote financial technology prospects and opportunities. Mona Al Marzooqi / The National

Abu Dhabi Global Market, the international financial centre in Abu Dhabi, and the Hong Kong Monetary Authority have signed a co-operation agreement to jointly promote financial services innovation and accelerate cross-border FinTech business opportunities in Hong Kong and the UAE.

The new agreement will allow the HKMA and the Financial Services Regulatory Authority of ADGM to collaborate and refer innovative businesses and activities to each other’s market, providing support in the authorisation processes where appropriate.

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"This co-operation augments ADGM’s commitment in supporting the growth and financial development of Abu Dhabi and the Middle East, Africa and greater Asia regions," said Richard Teng, chief executive of the FSRA.

The agreement was signed in Hong Kong between Mr Teng and Nelson Chow, chief FinTech officer of the HKMA.

“We are pleased to establish a closer relationship with the FSRA so that both authorities could better support financial innovation in our jurisdictions," Mr Chow said. "The co-operation between the HKMA and the FSRA will strengthen the two authorities in their respective roles and initiatives in FinTech.

"We are particularly pleased to start a dialogue with FSRA on the opportunity to build a cross-border trade finance network using distributed ledger technology.”