English Translation:

ChainCatcher News: Hong Kong's Under Secretary for Financial Services and the Treasury, Chan Ho-lim, delivered the opening remarks for the Invest in UAE Forum. He stated that Hong Kong and Dubai have been strengthening their partnership in the financial sector over the past year. Last year, a Hong Kong-licensed InsurTech company began a strategic collaboration with the UAE's oldest insurance company. Their digital asset custody insurance received approval from the UAE Central Bank to operate in the country.

In terms of cross-border payments, Chan Ho-lim pointed out that the Hong Kong Monetary Authority and the UAE Central Bank, along with three other central banks and the Bank for International Settlements Innovation Hub, are collaborating on a project called “mBridge”, which researches the application of wholesale central bank digital currencies (CBDCs). The project completed its pilot phase in 2022, with the participation of 20 banks from four jurisdictions. This year, the project has reached the Minimum Viable Product (MVP) stage, with plans to further expand public and private sector involvement.