Hong Kong and UAE central banks collab on crypto rules, fintech development

Hong Kong and the United Arab Emirates (UAE) main banks are looking to collaborate on cryptocurrency guidelines and monetary innovation development.On May 30, the Hong Kong Monetary Authority (HKMA) said it met with its equivalents at the Central Bank of the United Arab Emirates (CBUAE) with the 2 agreeing to “enhance cooperation” on “virtual possession regulations and developments. HKMA chief executive Eddie Yue (fifth right) and CBUAE governor H.E. Khaled Mohamed Balama (fifth left) pictured with Hong Kong and UAE bank executives.” Following the meeting, the two central banks held a seminar for senior executives from banks in Hong Kong and the UAE.It covered various topics, including how cross-border trade settlement can be improved and checking out how UAE corporations can take advantage of Hong Kongs financial infrastructure platforms in order to get access to Asian and mainland markets.CBUAE governor H.E. Khaled Mohamed Balama (left) envisioned with HKMA chief executive Eddie Yue (right) at a conference on May 29.