Abu Dhabi Global Market (ADGM) has signed a co-operation agreement with Hong Kong Monetary Authority (HKMA) to explore avenues in improving financial services.
The two entities also agreed to facilitate cross-border FinTech business opportunities in Hong Kong and the UAE.
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The agreement will enable HKMA and ADGM’s Financial Services Regulatory Authority to exchange data and information of financial services as well as promote innovative businesses and activities in the two markets.
They will also assist in the authorisation processes and jointly explore mutually beneficial projects.
HKMA chief fintech officer Nelson Chow said: “We are pleased to establish a closer relationship with the FSRA so that both authorities could better support financial innovation in our jurisdictions. ADGM’s commitment to the pursuit of innovation resonates strongly with Hong Kong’s ambitions.
“The co-operation between the HKMA and the FSRA would strengthen the two authorities in their respective roles and initiatives in FinTech.”
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By GlobalDataFSRA CEO Richard Teng said: “This co-operation augments ADGM’s commitment in supporting the growth and financial developments of Abu Dhabi and the Middle East, Africa and greater Asia regions.
“We look forward to working closely with the HKMA to support our FinTech start-ups and our innovative businesses, from regulations to adoption, in advancing and applying their solutions to each of our respective financial markets and jurisdictions.”
Following this agreement, ADGM has now formed fintech collaborations with eleven regulators to support innovation and growth.
