HKMA strengthens financial ties with Malaysia

adminMay 27, 2024

HKMA strengthens financial ties with Malaysia

A Hong Kong Monetary Authority (HKMA) delegation concluded a three-day visit to Kuala Lumpur, Malaysia, aimed at strengthening financial cooperation between the two regions. According to HKMA’s official press release, the delegation was led by HKMA Chief Executive Officer Eddie Yue.

Strategic meetings and discussions

During the visit, the HKMA delegation held bilateral meetings with Bank Negara Malaysia (BNM). Discussions focused on several strategic areas, including digital finance and fintech, green and sustainable finance, payment systems, use of local currencies for cross-border trade, and Islamic finance. The meeting highlights the commitment of both regions to innovate and adapt in a rapidly changing financial environment.

Malaysia Business Forum

Representatives from HKMA and BNM also participated in the Malaysia Business Forum organized by the Hong Kong Bankers Association. The forum was attended by 160 senior representatives from major domestic and international banks operating in Malaysia and Hong Kong. The platform further strengthened ties between the two regions by promoting financial cooperation and discussions on topics of mutual interest.

Key business and financial meetings

In addition to formal meetings, the HKMA delegation engaged with key business and financial leaders in Malaysia to explore new opportunities arising from strengthened economic and financial relationships. It is expected that these exchanges will lay the foundation for future cooperation and shared growth.

Remarks from HKMA CEO

Eddie Yue, CEO of HKMA, said: “Hong Kong and Malaysia share a vision of promoting regional economic cooperation, fintech innovation and climate change. As the gateway to the mainland and a major ASEAN economy, Hong Kong and Malaysia are well-positioned to work together to drive closer partnerships and sustainable growth across the entire Asia region.”

Broader Participation Strategy

This visit to Malaysia is part of HKMA’s broader strategy to expand its global network. Following successful visits to Thailand, Saudi Arabia and the United Arab Emirates earlier this year, HKMA plans to continue its collaboration with the Middle East and other ASEAN countries. These efforts are critical to maintaining and further strengthening Hong Kong’s status as an international financial centre.

Hong Kong Monetary Authority CEO Eddie Yue (front row, third from left) and Bank Negara Malaysia Governor Datuk Abdul Rasheed Ghaffour (front row, third from right) held a bilateral meeting on May 24. We join delegations from both sides to strengthen cooperation between the financial industries of both jurisdictions.