Abu Dhabi - Mubasher: Abu Dhabi Global Market (ADGM) on Tuesday announced signing a co-operation agreement with the Hong Kong Monetary Authority (HKMA) to boost financial services innovation and expedite cross-border financial technology (fintech) business opportunities.
ADGM has set up strategic FinTech collaborations with 11 pioneering regulators in a bid to advance innovation and FinTech growth across the world, the emirate's international financial center said in a statement.
The fresh deal will enable ADGM's Financial Services Regulatory Authority (FSRA) and the HKMA to collaborate and refer innovative businesses and activities to each other’s market and facilitate further sharing of relevant information, ADGM noted.
The agreement was signed in Hong Kong by Nelson Chow, chief Fintech officer of the HKMA, and CEO of the FSRA of ADGM Richard Teng.
“This cooperation augments ADGM’s commitment in supporting the growth and financial developments of Abu Dhabi and the Middle East, Africa and greater Asia regions,” Teng commented.
The FSRA is keen on joining forces with the HKMA to support its FinTech start-ups and innovative businesses, he added.
“The cooperation between the HKMA and the FSRA would strengthen the two authorities in their respective roles and initiatives in FinTech,” Chow said.
