Hong Kong Asset Managers Eye Opportunities in Dubai's Financial Hub

The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) of Hong Kong joined forces to host a high-level roundtable discussion. The event, held recently, focused on exploring possibilities for Hong Kong-based asset managers to distribute their funds within the Dubai International Financial Centre (DIFC).

Over 15 top executives from leading Hong Kong asset management firms participated in the roundtable. The discussions were led by Ian Johnston, Chief Executive of the DFSA, and Julia Leung, Chief Executive Officer of the SFC.

A key area of interest was the regulatory framework for offering Hong Kong-domiciled funds within the DIFC. Mr. Johnston shed light on the relevant requirements, making the process more transparent for interested asset managers. Additionally, the discussions explored the growth potential for Hong Kong asset managers in the DIFC. A significant highlight was the opportunity to tap into the wider UAE market through the UAE's fund passporting regime. This regime allows for a streamlined process for marketing and distributing funds across the Emirates.

Following the roundtable, a separate seminar was held. The seminar provided a deeper dive into the regulatory requirements. Christina Choi, Executive Director of Investment Products at the SFC, and David Tait, Associate Director of Conduct, Supervision at the DFSA, offered further details on the topic.

This collaborative effort by the DFSA and SFC underscores the growing importance of cross-border collaboration within the financial services sector. By fostering closer ties between Hong Kong and Dubai's financial hubs, the initiative aims to unlock new avenues for investment and asset management.

The event's success is likely to pave the way for further dialogue and cooperation between the two financial regulators. This, in turn, could lead to the creation of a more efficient and interconnected financial ecosystem, benefiting both Hong Kong and Dubai's asset management industries.

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