Abu Dhabi Global Market and the Hong Kong Monetary Authority have signed a co-operation agreement to jointly promote and enable financial services innovation, and accelerate cross-border FinTech business opportunities in Hong Kong and the United Arab Emirates (UAE). With the agreement, ADGM has established strategic fintech collaborations with eleven regulators to advance innovation and FinTech growth globally.
The agreement will allow the HKMA and the Financial Services Regulatory Authority (FSRA) of ADGM to collaborate and refer innovative businesses and activities to each other’s market, facilitate greater sharing of relevant information, providing support in the authorisation processes where appropriate, and explore projects that are mutually beneficial to both jurisdictions.
As the FinTech hub in the MENA region, ADGM says it values the importance of FinTech bridges with like-minded international financial centres and jurisdictions to foster a robust and sustainable global fintech ecosystem. These cross-border partnerships are designed to enable ADGM to maintain a practical, open and inclusive global FinTech centre to continue serving the communities in Abu Dhabi and the greater MENA region.