The Qatar Financial Centre Authority (QFCA) and The Financial Services Development Council (FSDC) of Hong Kong have formed a strategic partnership to drive financial sector development.

In this regard, they have signed a memorandum of understanding (MoU) to strengthen their relationship through collaborative efforts across the financial sector in Qatar and Hong Kong.

The MoU was signed by Yousuf Mohamed al-Jaida, chief executive officer of QFCA, and King Au, executive director of the FSDC in the presence of Joseph Chan, Under Secretary for Financial Services and the Treasury of the Government of the Hong Kong Special Administrative Region; and Daniel R Fung, vice-chairman of the FSDC.

Under the MoU, QFC and FSDC 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.

"Through collaboration and knowledge sharing, we aim to foster greater innovation and growth in both markets. Together, we can drive positive change and contribute to the continued advancement of the financial services industry,” said al-Jaida.

This partnership sets the foundation for a vibrant exchange of insights and joint initiatives, according to Fung.

"Through the exchange of best practices and regulatory developments, we aim to create unique opportunities that bring mutual benefits to both financial markets," he said.

This collaboration not only bridges the financial hubs but also reflects the shared vision for excellence, and is expected to bolster their competitive edge on the global financial landscape, he added.

The signing of this MoU underscores the commitment of both FSDC and QFCA to promoting growth within the global financial ecosystem.

It signifies a pivotal step towards fostering seamless connectivity between the financial markets of both regions, facilitating greater exchange of knowledge, expertise, and market insights.