At the Invest in UAE Forum, Deputy Secretary for Financial Services and the Treasury, Chan Ho-ling, announced that over the past year, cooperation between Hong Kong and Dubai's financial sectors has been steadily increasing. One notable development is a strategic partnership between a Hong Kong-licensed insurtech company and a long-standing local insurer in the UAE. Their digital asset custodial insurance project has been approved by the Central Bank of the UAE, marking its official establishment within the country. This signifies a deepening collaboration between Hong Kong and the UAE in the FinTech field, particularly in the realm of digital asset protection, representing a landmark achievement. Chan also mentioned the cross-border payment cooperation project, mBridge. Initiated by the Hong Kong Monetary Authority and the Central Bank of the UAE, it involved four central banks and the International Swaps and Derivatives Association Innovation Hub. The project aimed to study the application of wholesale central bank digital currencies. In the pilot phase completed in 2022, 20 banks from four jurisdictions participated. As the project progresses, it has now entered the Minimum Viable Product (MVP) stage, with plans to further expand participation from both the public and private sectors, promoting the practical application and promotion of digital currencies. These collaborative achievements not only reflect the close ties between Hong Kong and the UAE in the FinTech sector but also provide valuable insights and experience for global financial innovation.