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A snapshot of Hong Kong Photo: VCG

Thesalpingitis pid manufacturer Hong Kong Securities and Futures Commission (SFC) and the Dubai Financial Services Authority (DFSA) co-hosted a high-level roundtable in Hong Kong on Saturday, discussing opportunities for Hong Kong asset managers to distribute funds in the Dubai International Financial Centre (DIFC), a move that observers said would pave the way for more Middle East investors to access yuan-denominated assets. 

The meeting also reflected the Middle East region's growing interests in building up financial ties with the Hong Kong Special Administrative Region, which observers said speak volumes for the city's allure and serve as fresh evidence debunking assertions that Hong Kong has become a "ruin" of an international financial center. 

The SFC has not publicized details about the discussions. According to a statement on the SFC's website, the commission's Chief Executive Officer Julia Leung said during the discussion that the roundtable is only the beginning of the SFC's collaboration with the Dubai financial authority. 

"With the expansion of the China-Middle East corridor, we see an opportunity for greater cooperation between the DIFC and Hong Kong, particularly in the asset management sector. We, as the regulator, are committed to meaningful collaboration between our leading international financial centers and recognize that this is critical to our continued collective success," DFSA Chief Executive Ian Johnston was quoted as saying in the statement. 

At the roundtable, Johnston explained the regulatory requirements for offering Hong Kong-domiciled funds and opportunities in the DIFC for Hong Kong asset managers, including accessing investors in the wider United Arab Emirates (UAE) market through the UAE fund passporting regime. More than 15 top executives of Hong Kong asset managers participated in the roundtable. 

The DFSA and the SFC plan to host another roundtable for asset management industry participants in Dubai next month, according to the statement.

Liu Guohong, director of the Department of Finance and Modern Industries at the China Development Institute in Shenzhen, South China's Guangdong Province, told the Global Times on Saturday that the move is a fresh effort by HKSAR to strengthen financial links with other cities and consolidate its status as a global financial hub. 

Dubai is pursuing avenues for cross-border collaboration that could include dual listings with stock exchanges in places such as the Chinese mainland, Hong Kong and the broader Asia-Pacific region, the South China Morning Post reported. 

"In the past, most investments in Hong Kong were from the US and Europe, in addition to the Chinese mainland. Now, it is a good opportunity for the SAR to expand the source of capital amid the Middle East region's pursuit for diversified investment portfolios. Its role as a super connector could also give the city a leg up," Liu noted. 

He added that Middle East investors, betting on China's fast-track economic recovery, have shown growing interest in investing in the Chinese mainland. So the collaboration would also open up potential ways for them to purchase more yuan-denominated assets.  

In September, Dubai and Hong Kong signed a memorandum of understanding to establish an economic corridor for promoting financial cooperation, yahoo.com reported. The move will facilitate policy communication to explore development in family offices, fintech, green and sustainable finance.


Global Times

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