UAE’s Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has entered into a partnership with the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority) to further develop and promote closer investment and financial innovation opportunities and collaborations for enterprises in Qianhai, Hong Kong and Abu Dhabi.  

In support of China’s One Belt One Road economic ambition, this landmark development reinforces the deep mutual respect and long-term economic cooperation between China and Abu Dhabi in bolstering meaningful investment and trade opportunities, said a statement from the company.

Qianhai Authority is a designated leading economic zone by the Chinese government to advance and facilitate innovation in key industry sectors including finance, modern logistics, information and technology for Mainland China and Hong Kong.

Through the new partnership, Qianhai Authority and ADGM will explore efforts and initiatives to facilitate greater investment cooperation and opportunities, said JinXia Wang, associate director and deputy director general of Qianhai Authority, after signing the deal with Richard Teng, the CEO of the FSRA at a ceremony held in Hong Kong.

Also it will help strengthen the financial and FinTech ecosystems in both markets to address the evolving local and international business needs, stated Wang in the presence of several senior officials.

Both authorities will leverage each other’s expertise and forte to establish a conducive investment platform that attracts and supports businesses and enterprises of Qianhai, Hong Kong and Abu Dhabi in realising their investment and growth plans in their respective markets and globally, said the statement from ADGM.

Teng said ADGM was delighted at the partnership with Qianhai Authority that supports the One Belt One Road Initiative.

"As an international financial centre, we aim to further bolster financial services activities, facilitate investment flows and encourage business innovation," noted the top official.

"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 (Mena) markets," he noted.

“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,” he added.-TradeArabia News Service