Abu dhabi: The Securities and Commodities Authority (SCA) and the Securities and Futures Commission of Hong Kong (SFC) have announced the signing of a strategic Memorandum of Understanding (MoU), marking the first agreement of its kind aimed at mutual recognition of investment funds and investment management companies.
According to Emirates News Agency, this MoU is a significant milestone in financial collaboration between the Middle East and Asia, paving the way for new avenues of growth and innovation. It strengthens regulatory cooperation between the two financial centres, reduces duplication of requirements, and accelerates cross-border market access while expanding investment opportunities. The agreement also includes a range of collaborative activities such as information exchange, cross-border on-site visits, and the sharing of expertise and best regulatory practices.
Waleed Al Awadhi, CEO of SCA, expressed that this partnership with Hong Kong represents a transformative milestone in global investment, unlocking opportunities for investors to engage with advanced financial centres. He emphasized SCA's commitment to empowering investors through a resilient investment ecosystem that drives innovation and sets international best practice benchmarks.
Julia Leung, CEO of the SFC, stated that the collaboration has opened a new chapter in Hong Kong-UAE regulatory cooperation, reaffirming Hong Kong's standing as a preferred fund domicile and highlighting its role as a gateway between Mainland China and the Middle East.
The MoU signifies a strategic step towards deepening international financial cooperation, creating new investment opportunities, and strengthening global financial market confidence. This collaboration reaffirms the UAE and Hong Kong's commitment to shaping a sustainable, innovative, and resilient financial future, underscoring the UAE's position as a leading global financial hub.