DUBAI, June 26 (Xinhua) -- Abu Dhabi Global Market (ADGM), the second financial free zone in the United Arab Emirates (UAE), and the Hong Kong Monetary Authority (HKMA) agreed on Tuesday to jointly promote financial technology (FinTech).
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 (FSRA) 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 agreement was signed in Hong Kong between Nelson Chow, chief FinTech officer of the HKMA, and Richard Teng, chief executive officer 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.
The HKMA was "particularly pleased to start a dialogue with FSRA on the opportunity to build a cross-border trade finance network using distributed ledger technology," he added.
Teng said Hong Kong has remained a long-term strategic and economic partner of Abu Dhabi, and the cooperation will support the growth and financial development of Abu Dhabi and the Middle East, Africa and broader Asian regions.
Founded in 2013, ADGM opened for business in October 2015 as the second financial free zone in the UAE after the Dubai International Financial Centre, which was established in 2004.
