Giving FinTech a boost

Source: Xinhua | 2018-06-27

ABU Dhabi Global Market, the second financial free zone in the United Arab Emirates, and the Hong Kong Monetary Authority agreed yesterday to jointly promote financial technology.

The two sides signed a cooperation agreement to jointly promote and accelerate cross-border business opportunities in Hong Kong and the Gulf state, ADGM said in a statement posted on its website.

ADGM said the agreement will allow the HKMA and the Financial Services Regulatory Authority of ADGM to facilitate greater sharing of relevant information.

Both sides agreed to provide support to the authorization processes, and explore mutually beneficial projects.

The pact was signed in Hong Kong between Nelson Chow, chief FinTech officer of the HKMA, and Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM.

Chow said cooperation between the two sides will strengthen the two authorities in their respective roles and initiatives in FinTech.