The Hong Kong Monetary Authority (HKMA) and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) have jointly announced the exchange of a Memorandum of Understanding (MoU) to deepen their ongoing fintech partnership. The focus areas include cross-border trade-related data exchange and business collaboration to promote inclusive and innovative financial services leveraging fintech and data in both markets.
The MoU was signed by Mr. Colin Pou, Executive Director (Financial Infrastructure) of the HKMA, and Mr. Wai Lum Kwok, Senior Executive Director – Authorisation & Fintech of the FSRA. This MoU builds upon the 2018 Co-operation Agreement, marking an important milestone in strengthening collaboration between the two authorities.
Under the MoU, joint Proof-of-Concept projects will be explored, connecting the HKMA’s Commercial Data Interchange to the ADGM’s SME Financing Platform. The authorities will also collaborate on use cases for cross-border data exchange with user consent, addressing challenges in cross-border banking services such as SME account opening and financing for facilitating cross-border trading.
By FCCT Editorial Team
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