The Hong Kong Monetary Authority (HKMA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have singed a MoU to step up their fintech cooperation.

This agreement aims to enhance the ongoing partnership, focusing on cross-border trade-related data exchange and business collaboration in fintech and data-driven financial services.

The MoU, signed by Colin Pou of the HKMA and Wai Lum Kwok of the FSRA, marks a significant step in the relationship between the two regulatory bodies, building on a co-operation agreement established in 2018.

Key initiatives under the MoU include exploring joint Proof-of-Concept projects linking the HKMA’s Commercial Data Interchange and the ADGM’s SME Financing Platform.

The two authorities will also join forces to explore use cases for cross-border data exchange with user consent to address potential pain points in cross-border banking services such as SME account opening and financing to facilitate cross-border trading.

Colin Pou of the HKMA said,

“We are delighted to deepen our collaboration and knowledge exchange with the FSRA through this MoU. This underscores our shared commitment to advancing fintech development and unleashing the potential of data.

 

Both authorities recognise the importance of creating next-generation data platforms and enabling cross-border data exchange in the age of digitalisation. We trust that our collective effort will foster financial innovation and empower SMEs in both jurisdictions with enhanced financing opportunities.”

Wai Lum Kwok of the FSRA said,

“This MoU further strengthens the strategic partnership between the FSRA and HKMA to foster cross-border trade and business leveraging technological innovation.

 

We are excited by the tremendous possibilities that the digital bridge between our platforms can bring, in connecting the marketplace of the UAE and the Greater Bay Area through the respective gateways of ADGM and Hong Kong. We look forward to working closely with the HKMA in building a vibrant ecosystem for SMEs in both jurisdictions.”