The Hong Kong Monetary Authority (HKMA) and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) have signed a cooperation agreement to build a financial services system which utilizes the distributed ledger technology (DLT), according to the regulator's press releases.
Mr. Nelson Chow, Chief Fintech Officer of the HKMA, and Mr. Richard Teng, Chief Executive Officer of the FSRA have signed the agreement which established the groundwork for the DLT based cross-border trade finance network. The partnership will also focus on developing DLT related technologies to innovate the financial system.
Mr. Chow commented on this: “We are pleased to establish a closer relationship with the FSRA so that both authorities could better support financial innovation in our jurisdictions. ADGM’s commitment to the pursuit of innovation resonates strongly with Hong Kong’s ambitions. The co-operation between the HKMA and the FSRA would strengthen the two authorities in their respective roles and initiatives in fintech. We are particularly pleased to start a dialogue with FSRA on the opportunity to build a cross-border trade finance network using distributed ledger technology.”
By Nadya Astam