HKMA Strengthens Financial Ties with Malaysia

On May 27, 2024

HKMA Strengthens Financial Ties with Malaysia

The Hong Kong Monetary Authority (HKMA) delegation concluded a three-day visit to Kuala Lumpur, Malaysia, aiming to enhance financial collaboration between the two regions. According to the official press release from the HKMA, the delegation was led by Mr. Eddie Yue, Chief Executive of the HKMA.

Strategic Meetings and Discussions

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

Malaysia Business Forum

Representatives from HKMA and BNM also participated in the Malaysia Business Forum, organized by the Hong Kong Association of Banks. The forum was attended by over 160 senior representatives from leading local and international banks operating in both Malaysia and Hong Kong. This platform facilitated discussions on financial cooperation and topics of mutual interest, further strengthening the ties between the two regions.

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 the enhanced economic and financial ties. These interactions are expected to pave the way for future collaborations and mutual growth.

Remarks from HKMA Chief Executive

Mr. Eddie Yue, Chief Executive of the HKMA, commented, “Hong Kong and Malaysia share a vision of promoting regional economic cooperation, fintech innovation, and climate transition. As the gateway to the Mainland and a leading economy in ASEAN respectively, Hong Kong and Malaysia are well-positioned to work together to drive closer partnership and sustainable growth across the entire Asia region.”

Broader Engagement Strategy

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

Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (front row, third from left), and Datuk Abdul Rasheed Ghaffour, Governor of the Bank Negara Malaysia Authority (front row, third from right), conducted a bilateral meeting on 24 May with delegates from both sides to enhance collaboration between the financial industry in the two jurisdictions.

Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, delivered a keynote speech at the Malaysia Business Forum in Kuala Lumpur on 23 May.