Media ININ Economy We Trust
Media IN ABU DHABI, 24th July, 2019 (WAM)
Abu Dhabi Global Market (ADGM) and Beijing Municipal Bureau of Local Financial Regulation (the Bureau) have announced that they entered an important cooperation to accelerate investment and financial development between Beijing and Abu Dhabi as part of the “UAE-China Comprehensive Strategic Partnership” led by the state leaders of both countries.
This followed the state visit by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China.
The agreement was signed by Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM, and Huo Xuewen, Director of the and Beijing Municipal Bureau of Local Financial Regulation, in Beijing.
The Memorandum of Understanding sets the framework for ADGM and Beijing Municipal Bureau to support leading financial institutions of key sectors including investment management, wealth management, financial technology, and sustainable finance (green finance) of Abu Dhabi and the Middle East region seeking to explore and establish their businesses in Beijing, the capital of the People’s Republic of China.
Similarly, ADGM and the Bureau aim to introduce more technology and financial innovations and high-end infrastructure and heavy industries from Beijing to Abu Dhabi market.
Among the key initiatives, ADGM and the Bureau aim to increase cooperation and accelerate joint development in areas of financial technology and wealth management.
Mr. Teng said, “It has been a very fulfilling week for the UAE-China relations and achieving new milestones in the Belt-and-Road initiative by the various Abu Dhabi and China key institutions. ”
He added ”ADGM has built a close understanding and working partnership with the Beijing Municipal Bureau since we began operations in 2015. We share a common ambition in fostering a sustainable and conducive financial ecosystem that supports the development of the institutions and companies in our economies and along the MENA region.”
In the following months, ADGM and Beijing Municipal Bureau of Local Financial Regulation will initiate a structured framework and working team to implement the details of the partnership and support the mechanism of the cooperation appropriately.
