Strengthening Fintech Co-operation between the Hong Kong Monetary Authority and the Financial Services Regulatory Authority of Abu Dhabi Global Market
The Hong Kong Monetary Authority (HKMA) and the Financial Services
Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM)
jointly announced today (22 November) the exchange of a Memorandum of
Understanding (MoU) to deepen the ongoing partnership on fintech
between the two authorities, particularly in the areas of cross-border
trade-related data exchange and business collaboration, with a view to
further promoting inclusive and innovative financial services
leveraging fintech and data in both markets.
The MoU was
signed by Mr Colin Pou, Executive Director (Financial Infrastructure)
of the HKMA, and Mr Wai Lum Kwok, Senior Executive Director -
Authorisation & Fintech of the FSRA. The exchange of the MoU is an
important milestone in cementing and strengthening the collaboration
between the two authorities, building upon the solid foundation laid
by the signing of a Co-operation Agreement in 2018.
Under the
MoU, the two authorities will contemplate joint Proof-of-Concept
projects to connect the HKMA’s Commercial Data Interchange1 to the
ADGM’s SME Financing Platform2. The two authorities will also join
forces to explore use cases for cross-border data exchange with user
consent to address potential pain points in cross-border banking
services such as small and medium-sized enterprise (SME) account
opening and financing to facilitate cross-border trading.
Mr
Pou said, “We are delighted to deepen our collaboration and knowledge
exchange with the FSRA through this MoU. This 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. We trust that our collective
effort will foster financial innovation and empower SMEs in both
jurisdictions with enhanced financing opportunities. ”
Mr Kwok
said, “This MoU further strengthens the strategic partnership between
the FSRA and HKMA to foster cross-border trade and business leveraging
technological innovation. 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. We look forward
to working closely with the HKMA in building a vibrant ecosystem for
SMEs in both jurisdictions. ”
Hong Kong Monetary Authority 22
November 2023
Mr Colin Pou, Executive Director (Financial
Infrastructure) of the Hong Kong Monetary Authority (left), and Mr Wai
Lum Kwok, Senior Executive Director - Authorisation & Fintech of the
Financial Services Regulatory Authority (right), sign and exchange the
Memorandum of Understanding in Hong Kong.
(From left) The
Memorandum of Understanding signing ceremony is attended by Mr Nelson
Chow, Head (Financial Market Infrastructure Service) of the Hong Kong
Monetary Authority (HKMA); Mr Colin Pou, Executive Director (Financial
Infrastructure) of the HKMA; Mr Wai Lum Kwok, Senior Executive
Director - Authorisation & Fintech of the Financial Services
Regulatory Authority; and H. E. Shaikh Saoud Al Mualla, Consul-General
of the United Arab Emirates in the Hong Kong Special Administrative
Region.
1 Launched in October 2022 by the HKMA, Commercial
Data Interchange is a consent-based financial data infrastructure that
aims to facilitate enterprises, in particular SMEs, to share their
commercial data at both public and private data sources with banks in
Hong Kong, thereby enhancing their access to financial services.
2 Developed by the ADGM, the purpose of the SME Financing
Platform is to connect SMEs and lenders through a seamless digital
platform with features that have been designed to financially empower
and support the growth of the SME ecosystem across the United Arab
Emirates (UAE).