Abu Dhabi Global Market (ADGM), the emirate’s international financial centre, has signed a cooperation agreement with the Hong Kong Monetary Authority (HKMA) to jointly promote their respective fintech sectors.
The alliance will allow the HKMA and the ADGM’s Financial Services Regulatory Authority to refer fintech businesses to each other’s markets, engage in greater information sharing and explore mutually beneficial projects, according to the two bodies.
One such potential project is a cross-border trade finance network using distributed ledger technology, according to HKMA chief fintech officer Nelson Chow.
It is ADGM’s eleventh such fintech agreement with international regulators.
The signing also coincides with the news that total trade between the UAE and Hong Kong reached $10.87 billion in 2017, up from $10.59 billion in 2016.
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