Local authorities in Hong Kong are looking to extend the list of countries that advise the city’s banking sector to include Qatar, the United Arab Emirates and Liechtenstein.
The Panel on Financial Affairs of Hong Kong’s Legislative Council is seeking to amend a segment of the Hong Kong Association of Banks (HKAB) ordinance to extend a list of countries that advise on the city’s banking sector.
The panel is looking to add Qatar, the UAE and Liechtenstein to the list which currently includes 21 regions and territories, according to a published proposal.
The proposal is expected to be presented to the consultative council, the HKAB’s highest executive body, for formal discussions this year.
Middle East Ties
The move is seen, in part, as part of broader efforts to increase cooperation between Hong Kong and the Middle East.
Last week, Hong Kong Monetary Authority chief Eddie Yue made a three-day visit to the UAE to promote Hong Kong’s financial hub status.
Accompanying Yue on the trip were Bank of China (Hong Kong) vice chair ad HKAB chair Sun Yu, HSBC APAC co-CEO David Liao, Standard Chartered Asia CEO Benjamin Hung and Citi Hong Kong and Macau CEO Aveline San.
