Hong Kong’s Financial Services Development Council (FSDC) and the Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), an onshore financial and business centre in the region, signed a memorandum of understanding (MoU) on May 6 to enhance and strengthen their relationship through collaborative efforts across the financial sector in Qatar and Hong Kong.

Under the MoU, the FSDC and QFC will collaborate in various domains, including knowledge building by sharing best practices and expertise, conducting joint professional training workshops and exchange programmes, initiating thought leadership on topical issues affecting both entities and facilitating delegation visits.

Additionally, both parties will exchange vital information on market trends and regulatory developments in relevant international financial services activities and products. They also aim to host joint market promotion events to enhance connectivity across diverse financial service sectors.

“We are pleased to formalize a partnership with the FSDC, which marks an important milestone in our efforts to strengthen ties between Hong Kong and Qatar’s financial sectors,” says Yousuf Mohamed Al-Jaida, the QFC’s CEO. “Through collaboration and knowledge sharing, we aim to foster greater innovation and growth in both markets.”

“This partnership sets the foundation for a vibrant exchange of insights and joint initiatives,” adds Daniel R Fung, the FSDC’s vice-chairman. “Through the exchange of best practices and regulatory developments, we aim to create unique opportunities that bring mutual benefits to both financial markets. This collaboration not only bridges our financial hubs but also reflects our shared vision for excellence, and is expected to bolster our competitive edge on the global financial landscape.”