Signed Memorandum of Understanding with the Hong Kong Monetary Authority
"Central" joins the "M-CBDC Bridge" project for digital currencies
Abdul Hamid Saeed: “The Memorandum of Understanding paves the way for future joint experiences in the field of digital innovation.”
The Central Bank of the UAE and the Monetary Authority of Hong Kong signed a Memorandum of Understanding to enhance cooperation between them in the field of financial technology in order to promote innovative financial services and develop relevant regulations.
Under the Memorandum of Understanding signed by the Governor of the Central Bank, Abdul Hamid Saeed, and the Chief Executive of the Hong Kong Monetary Authority, Eddy Yu, the two sides decided that the Central Bank would join the "m-CBDC Bridge" project for the multiple digital currencies of central banks "m-CBDC Bridge" »In cooperation with the Monetary Authority of Hong Kong, the Bank of Thailand, the Digital Currency Institute of the People's Bank of China, and the Innovation Center of the Bank for International Settlements in Hong Kong.
The Governor of the Central Bank, Abdul Hamid Saeed, said that the bank has recently completed a proof-of-concept project to test the digital currency of the central bank with the Central Bank of Saudi Arabia, with the aim of settling local and cross-border transactions through accounts at the Central Bank, and by using distributed records technology.
He added that based on this achievement, the Central Bank is looking forward to start applying the acquired experiences and participating in the “m-CBDC Bridge” project, and we are certain that the MoU will pave the way for future joint experiences in the field of digital innovation between the Central Bank and the Monetary Authority in Hong Kong.
For his part, the Chief Executive of the Hong Kong Monetary Authority, Eddy Yu, confirmed that the Hong Kong Monetary Authority is making great efforts to expand its international network in the field of financial technology to include its counterparts in the Middle East, noting that the UAE Central Bank is an important partner in the Authority’s network. Cash in Hong Kong.
He continued, "We are looking forward to joining the UAE Central Bank to the (m-CBDC Bridge) project, in order to exchange ideas and views on the project."
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