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

The public "will hear more from the ADGM in relation to Chinese banking within the next two months," Richard Teng, CEO of ADGM Financial Services Regulatory Authority, told Xinhua last month at the Annual Investment Meeting in Dubai.

Teng, former chief regulatory officer of the Singapore Exchange, travels regularly to China to attract financial firms to Abu Dhabi.

Firms licensed in the UAE free zone enjoy 100 percent foreign ownership, free capital repatriation and an internationally accepted regulatory environment.

In 2017, Dubai's DIFC said it continued to see growth from the registered Chinese financial institutions, which accounted for 22 percent of the total assets booked in the DIFC as at the end of the third quarter 2017.

The total value of these assets reached 33.4 billion U.S. dollars, a 30.5 percent increase from 25.6 billion U. S. dollars reported in the end of 2016.

Leading Chinese banks, including the Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and Bank of China, run major regional branches in the 120-acre DIFC district.

DIFC Authority's CEO Arif Amiri said that two more Chinese lenders have conducted serious talks with it to establish offices in the DIFC.

Inspired by the rapid rise of financial technology, Internet of things, and artificial intelligence technology in East Asia, DIFC has also positioned itself as an incubator for global financial technology startups, when it founded the FinTech Hive back in 2017.