CMA Signs Mou With Hong Kong Financial Services Development Council

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Feb 6 (KUNA) - Kuwait's Capital Markets Authority (CMA) signed a memorandum of understanding (MoU) with the financial Services Development Council in Hong Kong to enhance the partnership and consolidate cooperation in the financial sectors between the two parties.
In a statement to KUNA Thursday, the Authority said that the agreement sets a framework for strengthening ties between the two regions as international financial centers and highlights cooperation, exchange of information and Promotion of innovative financial services and products.
According to the statement, Chairman of the Financial Services Development Board, Benjamin Hong, said that this partnership reflects the shared vision of the Board and the Authority to enhance innovation and stimulate further growth in financial sectors.
"Through our combined efforts, we seek to provide greater opportunities in the field of Islamic finance and investment innovation, and together we will build a strong and sustainable financial ecosystem that works towards long-term economic growth," he added.
In turn, the Chairman of the Board of Commissioners of the Capital Markets Authority, Executive Director Dr. Ahmad Al-Melhim, said that the Authority has sought, since its establishment and through the issuance of Law No. 7 of 2010, to develop securities activities in the country to be in line with the best international practices and principles.
The Authority has, in a short period of time, strengthened its regulatory and supervisory powers by joining the international community by signing several MoUs, some of which are multilateral.
He pointed out that the MoU will open new doors for cooperation between Kuwait and Hong Kong, which will benefit both parties by learning from each other and thus improving the financial services sector in the two regions.
For his part, the Consul General of Kuwait in Hong Kong and Macau, Ambassador Nasser Al-Ghanim, praised the parties that signed the agreement, noting the bilateral ties between the two parties in the areas of "economic growth, financial cooperation and exchange of expertise", which would enable Kuwait to achieve its strategic goals.
The ambassador also touched on the directives of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah on the necessity of working to strengthen bilateral relations and raise them to new horizons in addition to expanding them.
The Financial Services Development Board was established in 2013 by the Government of the Hong Kong Special Administrative Region as a high-level advisory body to engage the sector in formulating proposals for the development of the financial services sector in Hong Kong and charting the strategic direction for development.
The Capital Markets Authority of Kuwait was established in accordance with Law No. 7 of 2010 on the Establishment of the Capital Markets Authority and Regulation of Securities Activities and its amendments. (end)
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