UAE Banks Federation (UBF) and Hong Kong Association of Banks (HKAB) have signed a Memorandum of Understanding (MoU) to enhance cooperation and exchange expertise in order to support the banking and financial sector.

 

Jamal Saleh, Director General of UBF and Stephen Chan, Acting Chairman of HKAB, signed the MoU on December 28, 2023, aiming to further enhance cooperation between the two parties, member banks, and the banking and financial sector, under the direct supervision of the Central Bank of the UAE and the Hong Kong Monetary Authority (HKMA).

 

UBF and HKAB will share knowledge and experience to develop banking and financial sector, organising workshops and programs to banking and financial institutions at both parties to ensure keeping pace with latest developments in the banking industry as well as compliance with international regulations, rules, and principles especially on governance, transparency, and sustainability.

 

Since its establishment in 1981, HKAB, which represents over 160 banks and financial institutions operating in Hong Kong, has been working to develop the sector and promote the interests of licensed banks in Hong Kong, under the supervision of the Hong Kong Monetary Authority (HKMA).

 

Leading position

The agreement with HKAB is part of UBF ongoing efforts to strengthen relations with banking associations and associations in friendly countries to support relations, trade and investment between the UAE and these countries, and to ensure compliance with regulations, policies and best practices to fortify the UAE’s financial and banking sector leading position and develop it in line with country’s strategies.

 

Saleh said: “Since its establishment in 1982, UBF has strived to strengthen relations with relevant stakeholders in the UAE and abroad to share knowledge and experiences as part of its initiatives to develop the banking industry and contribute to the UAE’s social and economic development, under the direct supervision of the Central Bank of the UAE”.

 

He added: “Hong Kong is a leading global financial and banking center, and home to regional headquarters and branches of many of the world’s largest banks. Our cooperation will contribute to the development of the financial and banking sector and consolidate the UAE’s position among the most prominent financial and banking centres in the world. This agreement will also enable us to share experiences in legislative and regulatory aspects, best practices in governance, transparency, risk management, sustainability, digital transformation, and the use of advanced technologies to provide a safe and seamless banking experience for different segments of banking clients.”

 

Common good

Chan said: "We look forward to a closer collaboration with the UAE banking industry and to work together for the common good. Hong Kong and our banking sector can play a pivotal role in bridging UAE financial institutions and corporates with the financing and investment opportunities that the Chinese Mainland and Hong Kong markets offer."

 

In light of economic and trade ties between the UAE and Hong Kong, strengthening cooperation of UBF and HKAB will improve the prospects for increasing exchange and investments. The UAE is the largest trading partner for the Hong Kong in the Middle East, and both parties have signed many cooperation agreements including investment promotion and protection, avoidance of double taxation, and cooperation agreement between UAE financial markets and Hong Kong stock exchange. 

 

In addition, there are many UAE investments in Hong Kong, and enhancing collaborations in banking and financial sector will support growth of trade and economic activities. Some of UBF member banks, including First Abu Dhabi Bank (FAB) and Mashreq have opened branches in Hong Kong to support mutual trade and investments.--TradeArabia News Service