The Financial Services Development Council (FSDC) of Hong Kong and the Qatar Financial Center Authority (QFCA), the legal and tax arm of the Qatar Financial Center (QFC), signed a memorandum of understanding (MoU) on May 6, 2024 to expand cooperation This emerges from a media release from May 7th.
Under the MoU, FSDC and QFC will collaborate on knowledge building by sharing best practices and expertise, conducting joint professional training workshops and exchange programs, initiating thought leadership and facilitating delegation visits, the release said.
In addition, 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 facilitation events to improve connectivity between different financial services sectors.
The MoU was signed by Dr. King Au, Managing Director of the FSDC, and Yousuf Mohamed Al-Jaida, Managing Director of the QFC.
Al-Jaida said: “Through collaboration and knowledge sharing, we aim to promote 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: “By sharing best practices and regulatory developments, we aim to create unique opportunities that bring mutual benefits to both financial markets. This collaboration not only connects our financial centers, but also reflects our shared vision of excellence and is expected. We strengthen our competitive advantage in the global financial landscape.”
The signing of this MoU “marks a crucial step towards promoting seamless connectivity between the financial markets of both regions and facilitating a better exchange of knowledge, expertise and market insights,” the media release said.
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