Hong Kong, Dubai launch working group to boost financial connectivity
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Sept 10 : Hong Kong's stock exchange said on Thursday it will work with the Hong Kong Monetary Authority (HKMA), the Dubai Financial Services Authority (DFSA) and Nasdaq Dubai to boost financial market connectivity between the two regions.
Here are more details:
• The parties have established a strategic working group bringing together exchanges and regulators from Hong Kong and the Dubai International Financial Centre, a major financial hub, Hong Kong Exchanges & Clearing (HKEX) said.
• The group will focus on sustainable finance, Islamic finance, innovation, capital markets development and market connectivity, it added.
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• "Nasdaq Dubai's position...provides a strong platform to connect issuers and investors across the Middle East and Asia, particularly in Sukuk and sustainable finance," Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market said.
• Sukuk are Sharia-compliant instruments similar to bonds but differ by providing ownership of an asset instead of a debt obligation.
• In October, HKEX launched a new unit in Dubai to advance its commodities business.
• "HKEX's growing commodities presence in Dubai, together with our engagement with exchanges across the UAE, reflects our long-term commitment to this dynamic corridor," said HKEX CEO Bonnie Y Chan.
• The bourse operator added the four organisations will maintain regular engagement and explore opportunities to support the development of the financial corridor between Asia and the Middle East.
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