The Financial Services Development Council (FSDC) and the Qatar Financial Centre Authority, signed a memorandum of understanding (MOU) to formalise their relationship. Both parties agreed to share best practices, facilitate training and exchange programmes, and enhance connectivity in the sector, among other things.
“This MoU marks the beginning of a strategic partnership that will strengthen the collaboration between the financial and fintech sectors of Qatar and Hong Kong,” executive director King Au said after signing the pac in Doha on Monday. “We aim to equip industry participants in both markets with the necessary insights and connections to develop win-win opportunities.”
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The agreement is “an important milestone” to strengthen ties between Hong Kong and Qatar’s financial sectors, Yousuf Mohamed Al-Jaida, CEO of Qatar Financial Centre, said in a press statement. The cooperation can foster greater innovation and growth in both markets, he added.
“Together, we can drive positive change and contribute to the continued advancement of the financial services industry.”
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Last year, the central banks of Hong Kong and Saudi Arabia agreed to promote two-year financial innovation projects and develop fintech. At the 17th annual Asian Financial Forum earlier this year, the FSDC and Saudi Arabia agreed to boost collaboration between their financial markets.
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The FSDC and QFC aim to host joint market promotion events to enhance connectivity across diverse financial services, and exchange information on market trends and regulatory developments, according to the press statement.
The FSDC, established in 2013, is a high-level, cross-sector advisory body whose purpose is to engage the industry and deliver proposals to promote Hong Kong’s financial services industry. The Qatar Financial Centre is a business and financial hub in Doha, a platform for firms to set up shops and expand in the region.
“We are delighted to form a strategic alliance with the Qatar Financial Centre Authority,” said Daniel Fung, vice-chairman of the FSDC. “This collaboration not only bridges our financial hubs but also reflects our shared vision for excellence, and is expected to bolster our competitive edge on the global financial landscape.”