The Hong Kong Association of Banks and UAE Banks Federation sign a Memorandum of Understanding to further connect the banking industry of the two jurisdictions
(Hong Kong, 29 December 2023) The Hong Kong Association of Banks (HKAB) and UAE Banks Federation (UBF) announced today the signing of a Memorandum of Understanding (MoU) to further connect the banking industry of the two jurisdictions by promoting cooperation in areas of mutual interest. Under the MoU, HKAB and UBF agree to work together to promote cooperation on mutual banking industry activities, including exploring RMB business opportunities, and to establish a communication channel to support business development of their member banks in the counterparty’s jurisdiction.
HKAB said, “We look forward to a closer collaboration with the United Arab Emirates (UAE) banking industry and to work together for the common good. Hong Kong and our banking sector can play a pivotal role in bridging UAE financial institutions and corporates with the financing and investment opportunities that the Chinese Mainland and Hong Kong markets offer.”
UBF said, “We are pleased to work with the HKAB and exchange experiences and knowledge in order to foster the development of the banking sector, and contribute to increasing mutual trade and investment between the UAE and Hong Kong, China. Since its establishment in 1982, UBF continues to strengthen relations with relevant stakeholders in the UAE and abroad as part of its objectives to enhance the development of the banking industry and contribute to UAE’s development under the direct guidance from Central Bank of the UAE. And, as the UAE is one of the key trading partners for Hong Kong, China in the Middle East, we are confident that our cooperation with the HKAB will enable us to provide a safe, innovative, and seamless banking experience for our members and for all segments of clients.”
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The Hong Kong Association of Banks (HKAB)
HKAB was created by The Hong Kong Association of Banks Ordinance, Cap.364 ("Ordinance") in 1981 to replace the Exchange Banks' Association. The Ordinance provides a framework for the Government to exchange views with the banking sector for the further development of the industry (https://www.hkab.org.hk/en/home).
UAE Banks Federation (UBF)
Established in 1982, UBF is a professional representative body of the member banks operating in the UAE. It advocates banks’ interests and enhances cooperation and coordination among them so as to upgrade the banking industry for the benefit of the banking sector and the UAE economy (https://www.uaebf.ae/en/index).