An agreement has been signed by authorities in Hong Kong and Saudi Arabia to strengthen financial connectivity, amid the city's ongoing efforts to deepen ties with the Middle East.
Hong Kong’s Financial Services Development Council (FSDC) and Saudi Arabia's Financial Sector Development Program (FSDP) have signed a memorandum of understanding (MOU), according to a statement.
«This MOU is a statement of intent to deepen and strengthen the relationship between FSDP and FSDC through collaboration in various areas that could foster enhanced connectivity between the two financial markets in the KSA and Hong Kong,» said the FSDC.
Key Areas
The MOU aims to drive collaboration in key areas including capital market connectivity, joint research, knowledge sharing, exchange programs and joint events. The two markets will also enhance cross-border investments, share best practices in fintech and talent development, boost connectivity and strengthen their financial alliance.
The MOU was signed by FSDC executive director Dr. King Au and FSDP director general Faisal Alsharif during the 17th annual Asian Financial Forum (AFF), a two-day conference based in Hong Kong.
