Yu Weiwen, President of the Hong Kong Monetary Authority, discussed the nation’s efforts to enhance both domestic and international connections in the field of financial innovation.
He confirmed that Hong Kong had recently undertaken visits to the Middle East, during which there was considerable “strong” interest from the visited countries.
Strengthening Economic and Trade Links with the Middle East
The objective of fostering economic and trade exchanges between Hong Kong and the Middle East was a central theme of these interactions. The visit, led by John Lee, Chief Executive of the Hong Kong Special Administrative Region, comprised a business delegation.
Specifically, the Hong Kong Monetary Authority conducted visits to the United Arab Emirates and Saudi Arabia to bolster regulatory and financial ties. Both nations are seeking to establish enduring cooperation that will open up opportunities in their financial sectors.
In an interview, President Yu Weiwen revealed that Hong Kong maintains a current “bilateral working group” in partnership with the Central Bank of the United Arab Emirates to facilitate increased market interconnectivity. This working group will also engage in substantive discussions related to central bank digital currency (CBDC), central bank digitalization, and the development and supervision of virtual assets.
Furthermore, both parties have formally committed, through a memorandum of understanding, to continue progressing on the path of financial innovation, according to Cryptoplus.
The President also mentioned that a visit to Southeast Asia is being planned. Hong Kong Monetary Authority aims to explore business opportunities with the central banks and major institutional investors in Southeast Asia.
2023 marks the 30th anniversary of the Hong Kong Monetary Authority, and the regulator has grand plans to celebrate this milestone in early November by hosting the International Financial Leaders Investment Summit. Additionally, the Hong Kong Monetary Authority will co-organize the 25th-anniversary celebration of the Bank for International Settlements’ Asia-Pacific representative office in Hong Kong.
As Hong Kong solidifies its international connections in the realm of financial initiatives, the region has also been active in providing regulatory guidance for the nation’s cryptocurrency landscape and is actively embracing digital tokenization.
