Deputy Director of the Hong Kong Treasury Bureau: Digital asset custody insurance has been approved by the UAE Central Bank, and mBridge will expand public and private sector participation

In his opening speech for the Invest in UAE Forum, Chan Ho-lim, Deputy Secretary for Financial Services and the Treasury of Hong Kong, said that over the past year, Hong Kong and Dubai have continuously strengthened their partnership in the financial sector. Last year, a licensed insurance technology company in Hong Kong began strategic cooperation with the oldest local insurance company in the UAE. The digital asset custody insurance of both parties has been approved by the Central Bank of the UAE to be settled locally. In terms of cross-border payments, Chan Ho-lim pointed out that the Hong Kong Monetary Authority and the Central Bank of the UAE, together with three other central banks and the Innovation Hub of the Bank for International Settlements, are working on a project called Multiple Central Bank Digital Currencies (mBridge) to study the application of wholesale central bank digital currencies. The project completed its pilot phase in 2022, with 20 banks from four jurisdictions participating. This year, the project has reached the minimum viable product (MVP) stage and will further expand the participation of the public and private sectors. (Ming Pao)