The Financial Services Regulatory Authority, FSRA, of Abu Dhabi Global Market, ADGM, and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, Qianhai Authority, have entered into a new partnership to 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 mutual respect and long-term economic cooperation between China and Abu Dhabi in bolstering meaningful investment and trade opportunities.
A Memorandum of Understanding, MoU, between the two authorities was signed by JinXia Wang, Associate Director and Deputy Director-General of Qianhai Authority, and Richard Teng, Chief Executive Officer of the FSRA of ADGM in a ceremony in Hong Kong. The ceremony was witnessed by several senior officials and dignitaries from the Shenzhen Municipal Government, the Central People’s Government in the Hong Kong SAR, Qianhai Authority and the Chinese General Chamber of Commerce Hong Kong.
Qianhai Authority is a leading economic zone designated 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, as well as to strengthen the financial and FinTech ecosystems in both markets to address the evolving local and international business needs. Both authorities will leverage each other’s expertise and strengths 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.
Wang expressed his great support to the new partnership and said he looked forward to fostering closer collaboration and joint efforts between China, Hong Kong and Abu Dhabi.
Richard Teng said, “ADGM is pleased to enter into this 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. 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.
“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.