Dubai and Hong Kong Establish Collaborative Financial Services Partnership

15 Sep, 2023

Dubai and Hong Kong Establish Collaborative Financial Services Partnership

Dubai's Department of Economy and Tourism (DET) and the Financial Services and the Treasury Bureau of the Government of Hong Kong, China, have inked a Memorandum of Understanding (MoU) aimed at bolstering financial cooperation between the two regions.

This significant MoU was formalized during the Belt and Road Summit in Hong Kong, where Hadi Badri, the CEO of the Dubai Economic Development Corporation and Dubai's Department of Economy and Tourism, and Joseph Chan, the Under Secretary for Financial Services and the Treasury of the Government of the Hong Kong Special Administrative Region, put their signatures on the document.

The MoU is poised to initiate a dynamic partnership that holds the potential to revamp the family office sectors within both Dubai and Hong Kong. It aims to fortify connections and open doors to cross-market opportunities.

Hadi Badri, expressing enthusiasm about this landmark agreement, highlighted its alignment with the financial services priorities of both cities' governments. He emphasized that it sets the stage for enriched economic knowledge exchange and collaboration among various stakeholders. Badri underscored their unwavering commitment to nurturing family office hubs and fostering enhanced collaboration across capital markets, fintech, and virtual assets between the two cities.

A spokesperson for the Government of the Hong Kong Special Administrative Region emphasized the MoU's significance in reaffirming the commitment of both Hong Kong and Dubai to strengthen their broader relationship and cooperation. It is designed to facilitate mutual sustainable development within the financial services industries of both regions. Additionally, the MoU is expected to facilitate policy communication, knowledge exchange, and the identification of cooperative opportunities in key financial services areas, including but not limited to family offices, fintech, virtual assets, green finance, and sustainable finance.

This collaboration under the MoU is set to further bolster the growth of the fintech ecosystems in both cities. It will see the organization of joint events in partnership with relevant agencies and the development of the virtual asset sector. Another pivotal aspect of this MoU is the promotion of knowledge exchange, particularly in the critical field of green and sustainable finance. This involves the sharing of best practices and product information, along with the nurturing of talent to drive innovations in sustainable finance.

Notably, the MoU aligns with the objectives of the Dubai Economic Agenda D33, an initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This initiative aims to solidify Dubai's position as one of the world's top three cities and to double the city's economy over the next decade.

In summary, the MoU signed between Dubai's DET and Hong Kong's Financial Services and the Treasury Bureau marks a significant step towards enhanced financial cooperation, knowledge exchange, and collaboration between these two prominent financial hubs. It is poised to bring transformative changes to their respective financial landscapes, particularly in areas such as family offices, fintech, virtual assets, and sustainable finance.