The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) have signed a MoU to deepen their strategic partnership and strengthen collaboration on sustainable finance.

The agreement will facilitate cross-border dialogue, joint research, and shared efforts to address climate finance challenges.

Formalised during their inaugural Joint Climate Finance Conference on 16 September in Hong Kong, this event marked the first of its kind between the two authorities.

The conference, which brought together over 240 participants from financial institutions, industry associations, and international organisations, focused on the theme ‘Building a Net-Zero Asia – Middle East Corridor.’

Discussions addressed the growing demand for transition finance and opportunities for greater cooperation between Hong Kong and Dubai to drive net-zero initiatives.

Eddie Yue, Chief Executive of the HKMA, emphasized the need for global collaboration in tackling climate change, citing the roles of Hong Kong and Dubai as sustainable finance hubs in Asia and the Middle East, and as gateways between East and West.

He noted,

“The inaugural conference is our first effort to build a ‘Net-zero Asia – Middle East Corridor’.

I look forward to many more fruitful collaborations between the HKMA and the DFSA.”

Ian Johnston, Chief Executive of the DFSA, highlighted the importance of partnerships in achieving net-zero goals, calling the MOU a pivotal step in fostering cooperation between the two regions.

“Through its ambitious Economic Agenda D33, Dubai is committed to leading the charge on environmental, social, and governance initiatives.

Today’s signing is a testament to our shared ambition with Hong Kong to accelerate the transition towards a low-carbon economy.”

The HKMA and DFSA will continue working together to promote sustainable finance and transition finance, with the aim of mobilising capital to support green growth in their respective economies.

This article first appeared on fintechnews.hk