Deputy Director of the Hong Kong Treasury Bureau: Digital Asset Custody Insurance Approved by the UAE Central Bank, mBridge Will Expand Public and Private Sector Participation

In his opening remarks at the Invest in UAE Forum, Deputy Secretary for Financial Services and the Treasury of Hong Kong, Chen Hao Lian, said that in the past year, Hong Kong and Dubai have continuously strengthened their partnership in the financial sector. Last year, a Hong Kong-licensed insurance technology company started a strategic cooperation with the oldest local insurance company in the UAE. The digital asset custody insurance of both parties has been approved by the UAE Central Bank to settle in the local area.
In terms of cross-border transfer, Mr. Chan pointed out that the Hong Kong Monetary Authority and the Central Bank of the United Arab Emirates, together with three other central banks and the Bank for International Settlements Innovation Hub, are collaborating on a project called Multi-Central Bank Digital Currency (mBridge) to study the application of wholesale central bank digital currencies. The project completed a 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.