3 July 2017, Abu Dhabi, UAE: The Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) entered into a new partnership to further develop and promote closer investment and financial innovation opportunities and collaborations for enterprises in Qianhai, Hong Kong and Abu Dhabi. In support of China’s One Belt One Road economic ambition, this landmark development between Qianhai Authority and ADGM reinforces the deep mutual respect and long-term economic cooperation between China and Abu Dhabi in bolstering meaningful investment and trade opportunities.
This Memorandum of Understanding (MOU) between the two Authorities* was signed by Mr JinXia Wang, Associate Director & Deputy Director General of Qianhai Authority and Mr Richard Teng, Chief Executive Officer of the FSRA of ADGM in a ceremony in Hong Kong. The ceremony was witnessed by several senior officials and dignitaries from the Shenzhen Municipal Government, the Central People’s Government in the Hong Kong SAR, Qianhai Authority and the Chinese General Chamber of Commerce Hong Kong.
Qianhai Authority is a designated leading economic zone by the Chinese government to advance and facilitate innovation in key industry sectors including finance, modern logistics, information and technology for Mainland China and Hong Kong. Through the new partnership, Qianhai Authority and ADGM will explore efforts and initiatives to facilitate greater investment cooperation and opportunities, as well as, to strengthen the financial and FinTech ecosystems in both markets to address the evolving local and international business needs. Both Authorities will leverage each other’s expertise and forte to establish a conducive investment platform that attracts and supports businesses and enterprises of Qianhai, Hong Kong and Abu Dhabi in realising their investment and growth plans in their respective markets and globally.
Mr Jinxia Wang, Associate Director & Deputy Director General of Qianhai Authority,expressed great support to the new partnership and looked forward to fostering closer collaboration and joint efforts between China, Hong Kong and Abu Dhabi.
Mr Richard Teng, CEO, FSRA of ADGM said,“ADGM is pleased to enter into this partnership with Qianhai Authority that supports the One Belt One Road Initiative. As an International Financial Centre, we aim to further bolster financial services activities, facilitate investment flows and encourage business innovation. We play a vital role in strengthening the financial forte of Abu Dhabi and provide the strategic link that connects businesses, investors and stakeholders to investment and growth opportunities in the Middle East and North African markets. I look forward to the close collaboration between the two teams to maintain the high regulatory practice in our markets, as well as, to introduce joint initiatives that will expeditiously open up opportunities for our investment and business communities.
At ADGM, we will continue to foster and strengthen our partnerships with China and like-minded countries to build a dynamic and efficient financial ecosystem for the benefit of our economies and people.”
Mr Jinxia Wang, Associate Director & Deputy Director General of Qianhai Authority and Mr Richard Teng, CEO, FSRA of ADGM, signing the MOU.
About the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority)
As a dispatched agency established by Shenzhen Municipal Government in February 2010, the Authority of Qianhai is a statutory board implementing an enterprise-style management but not for profit-making purposes and fulfilling the corresponding administrative and public service functions. The Authority of Qianhai shall be responsible for the development and construction, operations management, investment promotion, institutional innovation, comprehensive coordination, etc. of the Qianhai Zone and specifically carry out the following functions and duties. For more details of Qianhai Authority, please visit http://www.szqh.com.cn/
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.
In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket, @FinTechAD, #FinTechAD, and Linked : ADGM