UAE – Mubasher: Hong Kong's Monetary Authority (HKMA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) signed a memorandum of understanding (MoU) to deepen their ongoing partnership on fintech.
The MoU aims to focus on cross-border trade-related data exchange and business collaboration and promote inclusive and innovative financial services leveraging fintech and data in both markets, according to a joint statement.
The two authorities will explore joint Proof-of-Concept projects to link HKMA's Commercial Data Interchange with the ADGM's SME Financing Platform.
Under the collaboration agreement, which was penned in November, HKMA and ADGM will also investigate use cases for cross-border data exchange with user consent to address potential pain points in transborder banking services, including small and medium-sized enterprise (SME) account opening and funding to facilitate international trading.
Executive Director of HKMA, Colin Pou, said: “This [MoU] underscores our shared commitment to advancing fintech development and unleashing the potential of data. Both authorities recognise the importance of creating next-generation data platforms and enabling cross-border data exchange in the age of digitalisation.”
Pou added: “We trust that our collective effort will foster financial innovation and empower SMEs in both jurisdictions with enhanced financing opportunities.”
Senior Executive Director - Authorisation and Fintech of FSRA, Wai Lum Kwok, said: “We are excited by the tremendous possibilities that the digital bridge between our platforms can bring, in connecting the marketplace of the UAE and the Greater Bay Area through the respective gateways of ADGM and Hong Kong.”
Kwok concluded: “We look forward to working closely with the HKMA in building a vibrant ecosystem for SMEs in both jurisdictions.”
