According to ChainCatcher, Hong Kong Financial Services and Treasury Bureau Deputy Secretary Chan Ho-lim said in his opening speech at the Invest in UAE Forum that over the past year, Hong Kong and Dubai have continuously strengthened cooperation in the financial sector. Last year, a Hong Kong licensed insurance technology company began strategic cooperation with the oldest insurance company in the UAE, and the digital asset custody insurance of both parties has been approved by the UAE Central Bank to be settled in the local area.
In terms of cross-border payments, Chan Ho-lim pointed out that the Hong Kong Monetary Authority and the Central Bank of the United Arab Emirates are working with three other central banks and the Innovation Hub of the Bank for International Settlements on a variety of central bank digital currencies (mBridge) projects to study the application of wholesale central bank digital currencies. The project will complete the pilot phase in 2022, with 20 banks from four jurisdictions participating. This year, the project has reached the minimum viable product (MVP) stage and will further expand the participation of the public and private sectors.