June 19, 2024

Asian Financial Forum: Hong Kong and Saudi Arabia agree to deepen collaboration between their financial markets on first day of annual event’s 17th edition

“This collaboration marks a significant stride in solidifying Hong Kong’s position as a leading international financial centre,” Laurence Li, the FSDC’s chairman, said during the opening ceremony of AFF.

The two-day conference, which brings together hundreds of leaders from the government, finance and business communities, kicked off at the Hong Kong Convention and Exhibition Centre. Run by the Hong Kong government and the Hong Kong Trade Development Council, this year’s event is focusing on multilateral cooperation and sustainable economic development.

“By joining forces with the FSDP, [the FSDC will] strive to establish comprehensive financial market connectivity that benefits businesses in both regions and facilitates cross-border investment flows,” Li said.

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It is hoped that Hong Kong and Saudi can strengthen cross-border investments, share best practices in fintech and talent development, boost connectivity through market promotion activities, and strengthen their financial alliance.

“With our shared vision for a mutually beneficial partnership, the FSDP and the FSDC are poised to unlock collaboration opportunities for the two financial markets,” said Faisal Alsharif, the FSDP’s director general.

The agreement is aimed at enhancing collaboration in key areas, including supporting capital market connectivity, conducting joint research and knowledge sharing, organising exchange programmes and joint events, and harnessing synergies and mutual interests.

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“[The agreement] solidifies our commitment to mutual collaboration and sets the stage for the advancement of our collective goals in fostering a robust, inclusive and innovative financial landscape,’ Alsharif said.

“This agreement is a testament to our commitment to facilitating ties connecting the Saudi Arabian and Hong Kong financial markets.”

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Deepening ties between China and the Middle East complement the Gulf region’s ambitious development plans and quest to become a cradle of innovation in technology, he added.

Hong Kong, meanwhile, offers plenty of opportunities for Gulf countries to tap its developed financial services sector, Chan said.

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