Hong Kong's Financial Services Development Council (FSDC) and the Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), have signed a Memorandum of Understanding (MoU) on May 6, 2024 to build collaboration efforts across the financial sector in Qatar and Hong Kong, according to a May 7 media release.
Under the MoU, FSDC and QFC will collaborate in knowledge building by sharing best practices and expertise, conduct joint professional training workshops and exchange programmes, initiate thought leadership and facilitate delegation visits, the release said.
Additionally, both parties will exchange information on market trends and regulatory developments in relevant international financial services activities and products. They also aim to host joint market promotion events to enhance connectivity across diverse financial service sectors.
The MoU was signed by Dr King Au, executive director of the FSDC, and Yousuf Mohamed Al-Jaida, chief executive officer of the QFC.
Al-Jaida, said, "Through collaboration and knowledge sharing, we aim to foster greater innovation and growth in both markets. Together, we can drive positive change and contribute to the continued advancement of the financial services industry.”
Fung said, "Through the exchange of best practices and regulatory developments, we aim to create unique opportunities that bring mutual benefits to both financial markets. 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.”
The signing of this MoU "signifies a pivotal step towards fostering seamless connectivity between the financial markets of both regions, facilitating greater exchange of knowledge, expertise and market insights", according to the media release.
