Key Points:
– The UAE Banks Federation (UBF) and the Hong Kong Association of Banks (HKAB) have signed a Memorandum of Understanding to enhance cooperation and expertise exchange within the banking and financial sectors.
– The partnership aims to develop the banking and financial sector by organizing workshops and programs for institutions to keep up with industry developments and ensure compliance with international standards.
– The collaboration will strengthen international relations and support trade and investment between the UAE and other countries, aligning with the UAE’s strategies to maintain its leading position in the financial and banking sector.
– The UAE is Hong Kong’s largest Middle Eastern trading partner, and several UBF member banks have expanded their presence in Hong Kong.
The UAE Banks Federation (UBF) and the Hong Kong Association of Banks (HKAB) have signed a Memorandum of Understanding (MoU) to enhance financial cooperation. The MoU was signed by Jamal Saleh, Director General of UBF, and Stephen Chan, Acting Chairman of HKAB, on December 28th, 2023, and is supervised by both the Central Bank of the UAE and the Hong Kong Monetary Authority (HKMA).
The focus of this partnership is the mutual development of the banking and financial sector. The UBF and HKAB plan to organize workshops and programs aimed at keeping pace with the latest industry developments and ensuring compliance with international governance, transparency, and sustainability standards.
HKAB represents over 160 banks and financial institutions in Hong Kong and works under the supervision of the HKMA to promote the interests of licensed banks in the region. This collaboration with UBF is part of the federation’s broader efforts to strengthen international relations and support trade and investment between the UAE and other countries.
The UAE is already Hong Kong’s largest Middle Eastern trading partner, and this partnership is expected to further boost trade and economic activities between the two regions. Several UBF member banks, including First Abu Dhabi Bank (FAB) and Mashreq, have expanded their presence in Hong Kong, solidifying the growing partnership.
The significance of this partnership was highlighted by Jamal Saleh, who emphasized UBF’s commitment to developing the banking industry and contributing to the UAE’s socio-economic growth. He stated, “Hong Kong is a leading global financial and banking center. 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 centers in the world.” Stephen Chan also expressed optimism about the collaboration, stating, “We look forward to a closer collaboration with the UAE banking industry and to work together for the common good. He highlighted Hong Kong’s role in connecting UAE financial institutions with Chinese Mainland and Hong Kong markets.
In summary, the partnership between UBF and HKAB aims to enhance cooperation and expertise exchange within the banking and financial sectors. It is expected to strengthen international relations, support trade and investment, and boost economic activities between the UAE and Hong Kong. The collaboration aligns with the UAE’s strategies to maintain its leading position in the financial and banking sector, and several UBF member banks have already expanded their presence in Hong Kong. This partnership marks a significant step towards the mutual development of the banking and financial sector and ensures compliance with international standards.
