Hong Kong and Saudi regulators explore pact for financial services, ETFs
- SFC CEO Julia Leung and executive director Christina Choi visited Riyadh and Abu Dhabi to explore collaboration in capital markets
- Hong Kong has a role in bridging two-way capital flow between mainland China and the Middle East, Leung says
The regulators of Hong Kong and Saudi Arabia will explore ways to cross-list exchange traded funds (ETFs) and foster two-way fund flows, according to the Securities and Futures Commission (SFC).
The SFC said on Monday that it was looking into the possibility of signing a memorandum of understanding with Saudi Arabia’s Capital Market Authority (CMA) following a visit by CEO Julia Leung Fung-yee and executive director Christina Choi last week. The trip included stops in Riyadh and Abu Dhabi, the capital of the United Arab Emirates (UAE).
Leung and Choi held separate meetings with CMA chairman Mohammed bin Abdullah Elkuwaiz, commissioner Abdulaziz Abdulohsen bin Hasan and executives of bourse operator Saudi Tadawul Group on Sunday.
“We look forward to enhancing regional market connectivity with our regulatory counterparts and stakeholders in Saudi Arabia and the UAE,” Leung said in the statement.
There is an opportunity to deepen mutual understanding between “our respective financial markets and explore the role of Hong Kong in bridging two-way capital flow between mainland China and these two jurisdictions”, she added.
