Hong Kong, 13 January 2025 – The Financial Services Development Council (FSDC) and the Istanbul Financial Center (IFC) today signed a Memorandum of Understanding (MOU) to foster collaboration between the financial markets of Hong Kong and Istanbul. This strategic partnership aims to harness the strengths of both regions to enhance financial connectivity and mutual growth.

The MOU was signed by Dr King Au, Executive Director of the FSDC, and Mr. Ahmet İhsan Erdem, CEO of the IFC. The signing ceremony was witnessed by Mr Laurence Li, SC, Chairman of the FSDC, and Mr Yunus Girgin, Business Development Manager of IFC.

Mr. Laurence Li, SC, expressed enthusiasm about the collaboration, “This partnership represents an exciting opportunity to deepen ties between Hong Kong and Istanbul, two strategically positioned financial hubs bridging Europe, Asia, and beyond. Leveraging Hong Kong's expertise as an international financial centre and Türkiye’s growing prominence in Central Asia, we aim to explore innovative opportunities and drive mutual growth.”

The MOU highlights collaboration and knowledge sharing in areas such as banking, capital markets, and insurance, while fostering dialogue and cooperation between key stakeholders in both financial ecosystems.

Mr. Ahmet İhsan Erdem, CEO of IFC remarked, "Our collaboration with the Hong Kong Financial Services Development Council (FSDC) marks a significant milestone in strengthening Istanbul Financial Center’s international presence and deepening our connections within the global financial ecosystem. This agreement goes beyond simply building a bridge between two financial hubs; it fosters an exchange of knowledge and expertise in financial services and technologies, paving the way for innovative solutions across the sector. Partnering with a well-established financial center like Hong Kong enhances Istanbul Financial Center’s visibility on the global stage, making it an even more attractive destination for international investors. We are confident that this collaboration will empower both Istanbul and Hong Kong’s financial ecosystems, creating new opportunities for sustainable growth and innovation."

Both the FSDC and IFC are members of the World Alliance of International Financial Centers (WAIFC) and share a commitment to advancing global financial connectivity. This MOU underscores their mutual dedication to developing their financial services industries and fostering a closer partnership in international finance.

Signing Ceremony of the Memorandum of Understanding between Finance Services Development Council and Istanbul Financial Center

Signing MOU by Dr King Au, Executive Director, FSDC and Mr Ahmet İhsan Erdem, CEO, Istanbul Financial Center (IFC), witnessed by Mr Laurence Li, Chairman, FSDC and Mr Yunus Girgin, Business Development Manager, IFC

Signed MOU by Dr King Au, Executive Director, FSDC and Mr Ahmet İhsan Erdem, CEO, Istanbul Financial Center (IFC), witnessed by Mr Laurence Li, Chairman, FSDC and Mr Yunus Girgin, Business Development Manager, IFC

From Left to Right: Mr Andrew Weir, Vice Chairman, FSDC; Mr Laurence Li, Chairman, FSDC; Dr King Au, Executive Director, FSDC; Mr Ahmet İhsan Erdem, CEO, IFC; Mr Jochen Biedermann, Managing Director, World Alliance of International Financial Centers (WAIFC) and Mr Yunus Girgin, Business Development Manager, IFC

From Left to Right: Mr Michael Walsh, Executive Director & CEO, Pacific Basin Economic Council (PBEC); Mr Ben Chan, Managing Consultant, Proverbial Advisory Limited; Mr Andrew Weir, Vice Chairman, FSDC; Mr Laurence Li, Chairman, FSDC; Dr King Au, Executive Director, FSDC; Mr Ahmet İhsan Erdem, CEO, IFC; Mr Yunus Girgin, Business Development Manager, IFC; Ms Jennifer Tan, Board Member, FSDC; Mr Jochen Biedermann, Managing Director, World Alliance of International Financial Centers (WAIFC) and Mr Damien Green, Board Member, FSDC.