国际英语资讯:UAE strives to become financial innovation center, taking advantage of Chinas B&R Initiati_时事

国际英语资讯:UAE strives to become financial innovation center, taking advantage of Chinas B&R Initiati

DUBAI, May 26 -- The United Arab Emirates (UAE) has stepped up its efforts to position itself as a center of banking and financial technology innovation to take advantage of the China-proposed Belt and Road (B&R) Initiative.

The efforts are led by the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Center (DIFC), which have increased financial cooperation with international financial institutions and centers, including those from China.

The Financial Services Regulatory Authority of ADGM, the 2013-founded financial free zone in the UAE capital Abu Dhabi, has signed a Memorandum of Understanding with the Astana International Financial Centre of Kazakhstan, at the annual forum of the International Organisation of Securities Commissions in Budapest, Hungary.

Both the UAE and Kazakhstan are supporters of China's Belt and Road Initiative, or the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which aims at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of the Silk Road.

On May 11, ADGM launched its first overseas representative office in Beijing.

"One of our key commitments will be working with the relevant authorities in China and Abu Dhabi to support the RMB internationalization strategy and build up an offshore RMB center serving the Middle East and North Africa region via ADGM," ADGM chairperson Ahmed Al Sayegh said.