FSDC and FSDP Signed a Memorandum of Understanding
24 Jan 2024
Hong Kong, 24 January 2024 – The Financial Services Development Council (FSDC) and the Financial Sector Development Program (FSDP) today signed a Memorandum of Understanding (MOU) to strengthen collaboration between the financial markets of Hong Kong and the Kingdom of Saudi Arabia (KSA). 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.
The MOU was signed by Dr King Au, Executive Director of the FSDC, and Mr Faisal Alsharif, Director General of the FSDP. Distinguished guests, including Mr Christopher Hui, Secretary for Financial Services and the Treasury of the Government of the Hong Kong Special Administrative Region, and Mr Laurence Li, SC, Chairman of the FSDC, witnessed the signing ceremony.
"This collaboration marks a significant stride in solidifying Hong Kong's position as a leading international financial centre," remarked Mr Laurence Li, SC, expressing his enthusiasm for the partnership. "By joining forces with the FSDP, we strive to establish a comprehensive financial market connectivity that benefits businesses in both regions and facilitates cross-border investment flows."
The MOU signifies collaboration in key areas, including supporting capital market connectivity, conducting joint research and knowledge sharing, organising exchange programmes and joint events, and harnessing synergy and mutual interest. It aims to enhance cross-border investments, share best practices in FinTech and talent development, boost connectivity through market promotion activities, and strengthen the financial alliance between Hong Kong and Saudi Arabia.
"With our shared vision for a mutually beneficial partnership," stated Mr Faisal Alsharif, "the FSDP and the FSDC are poised to unlock collaboration opportunities for the two financial markets, which 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. This MOU is a testament to our commitment to facilitate ties connecting Saudi Arabia and Hong Kong financial markets."
This MOU marks a new chapter in Hong Kong-Saudi Arabia financial services collaboration. By working together, the two regions can forge a resilient and interconnected financial ecosystem, paving the way for enhanced economic growth, innovation, and shared prosperity.