The UAE Banks Federation (UBF) and the Hong Kong Association of Banks (HKAB) have recently entered a significant Memorandum of Understanding.
According to Zawya, This collaboration, signed by Jamal Saleh, Director General of UBF, and Stephen Chan, Acting Chairman of HKAB, on December 28, 2023, marks a pivotal step in enhancing cooperation and expertise exchange within the banking and financial sectors. This agreement is supervised by both the Central Bank of the UAE and the Hong Kong Monetary Authority (HKMA).
A major focus of this partnership is the mutual development of the banking and financial sector. The UBF and HKAB plan to organize workshops and programs for banking and financial institutions. These initiatives aim to keep pace with the latest industry developments and ensure compliance with international governance, transparency, and sustainability standards.
The HKAB, established in 1981, represents over 160 banks and financial institutions in Hong Kong. It works under the HKMA’s supervision to promote the interests of licensed banks in the region.
UBF’s agreement with HKAB is part of its broader efforts to strengthen international relations and support trade and investment between the UAE and other countries. This partnership is also aligned with the UAE’s strategies to maintain its leading position in the financial and banking sector.
Jamal Saleh commented on the significance of this partnership, emphasizing UBF’s commitment to developing the banking industry and contributing to the UAE’s socio-economic growth. “Hong Kong is a leading global financial and banking center,” Saleh said. “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 centres in the world.”
Stephen Chan also expressed optimism about the collaboration. “We look forward to a closer collaboration with the UAE banking industry and to work together for the common good,” Chan said. He highlighted Hong Kong’s role in connecting UAE financial institutions with Chinese Mainland and Hong Kong markets.
This alliance is expected to boost trade and economic activities between the UAE and Hong Kong. The UAE is already Hong Kong’s largest Middle Eastern trading partner. Several UBF member banks, including First Abu Dhabi Bank (FAB) and Mashreq, have expanded their presence in Hong Kong, further solidifying this growing partnership.
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