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Hong Kong's Financial Services and the Treasury Bureau Deputy Secretary, Chan Hao-lim, delivered an opening speech at the Invest in UAE Forum, highlighting the deepening partnership between Hong Kong and Dubai in the financial sector over the past year. He noted that a Hong Kong-licensed InsurTech company began a strategic collaboration with the UAE's oldest insurance company last year. The collaboration includes digital asset custody insurance, which has received approval from the UAE Central Bank to operate in the country.

Regarding cross-border payments, Chan Hao-lim pointed out that the Hong Kong Monetary Authority and the UAE Central Bank, along with three other central banks and the International Settlement Bank Innovation Hub, are collaborating on a project called "Multiple Central Bank Digital Currency" (mBridge). This project focuses on exploring the applications of wholesale central bank digital currencies. The pilot phase of mBridge was completed in 2022, involving 20 banks from four jurisdictions. This year, the project has reached the Minimum Viable Product (MVP) stage, expanding its engagement with both public and private sectors. (Ming Pao)