The Authority of Qianhai Shenzhen- Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority) has partnered with Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to foster and develop investment and fintech cooperation.
The new partnership aims to promote financial innovation opportunities as well as collaborations for enterprises in both Qianhai, Hong Kong and Abu Dhabi. The authorities of both the bodies signed a Memorandum of Understanding (MOU), where several senior officials and dignitaries from the Shenzhen Municipal Government, the Central People’s Government in the Hong Kong SAR, and the Chinese General Chamber of Commerce Hong Kong, attended.
“As an International Financial Centre, we aim to further bolster financial services activities, facilitate investment flows and encourage business innovation. We play a vital role in strengthening the financial forte of Abu Dhabi and provide the strategic link that connects businesses, investors and stakeholders to investment and growth opportunities in the Middle East and North African markets. I look forward to the close collaboration between the two teams to maintain the high regulatory practice in our markets, as well as, to introduce joint initiatives that will expeditiously open up opportunities for our investment and business communities,” Richard Teng, CEO, FSRA of ADGM, said.
Through the new partnership, Qianhai Authority and ADGM will strengthen the financial and fintech ecosystems in both markets to address the evolving local and international business needs. Also, leveraging each other’s expertise the authorities will establish a conducive investment platform that attracts and supports businesses and enterprises in both countries.
“At ADGM, we will continue to foster and strengthen our partnerships with China and like-minded countries to build a dynamic and efficient financial ecosystem for the benefit of our economies and people,” Teng, added.
