Priya Patel
TLDR:
- Hong Kong and Saudi Arabia have signed an agreement to deepen collaboration between their financial markets at the 17th annual Asian Financial Forum (AFF).
- The agreement was signed between Saudi’s Financial Sector Development Program (FSDP) and Hong Kong’s Financial Services Development Council (FSDC).
- Efforts by the Hong Kong government to deepen financial ties with the Middle East have been ongoing over the past year.
Hong Kong and Saudi Arabia have agreed to deepen collaboration between their financial markets, signing an agreement at the opening of the Asian Financial Forum (AFF). The memorandum of understanding was signed between Saudi’s Financial Sector Development Program (FSDP) and Hong Kong’s Financial Services Development Council (FSDC). The FSDP was launched in 2018 with the aim of creating a diversified financial services sector in Saudi, while the FSDC was founded in 2013 to further develop Hong Kong’s financial services industry. The agreement is aimed at enhancing collaboration in key areas such as capital market connectivity, fintech and talent development, market promotion activities, and strengthening the financial alliance between the two regions. Hong Kong has been working to deepen financial ties with the Middle East over the past year, and this agreement marks another milestone in those efforts. The collaboration is seen as an important step in solidifying Hong Kong’s position as an international financial center and fostering a robust, inclusive, and innovative financial landscape.
