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Luxembourg banking association signs agreement with its Chinese counterpart
Economics

Luxembourg banking association signs agreement with its Chinese counterpart

28.09.2017 From our online archive
The agreement aims at establishing regular communication between the two associations, including sharing information on the latest regulatory developments and practices for investor protection.

Luxembourg's banking trade association has signed a memorandum of understanding with its counterpart in China.

Yves Maas, Chairman of the Luxembourg Bankers’ Association (ABBL) and Runzhong Huang, Secretary General of the China Banking Association (CBA) signed the memorandum on Tuesday.

"The Luxembourg and the Chinese banking sector have a longstanding relationship," said Maas. "In fact, the very first Chinese branch set up outside China more than 35 years ago was the Bank of China Luxembourg Branch."

The agreement aims at establishing regular communication between the two associations, including sharing information on the latest regulatory developments and practices for investor protection.

The two associations also intend to provide education and training on subjects of common interest.

A delegation from Luxembourg has been on an economic mission in China this week, led by finance minister Pierre Gramegna. 

In a similar step, the Luxembourg House of Financial Technology (LhoFT) signed a memorandum of understanding with the Tus Science & Technology Service Group (Tus S&T) on Wednesday.

Nasir Zubairi, CEO of the LhoFT, said the agreement showed Luxembourg was become a "core hub" for Fintech in Europe.  

It follows a memorandum between LhoFT and China's National Internet Finance Association (NIFA) agreed in June.

(By Hannah  Brenton, hannah.brenton@wort.lu, +352 4993 728)