The Dubai Financial Services Authority (DFSA) met, today and last week, senior government officials, financial regulators, industry figures and academics in Hong Kong and Singapore.
The visit to Hong Kong and Singapore coincided with a visit to Beijing where the DFSA attended the Annual conference of the International Organisation of Securities Commissions and entered into a supplementary agreement on co-operation with the China Banking Regulatory Commission.
In Hong Kong, the DFSA met with the Financial Secretary, The Hon John Tsang; the Chief Executive of the Hong Kong Monetary Authority, Mr Norman Chan; the Chairman of the Hong Kong Securities and Futures Commission, Mr Eddy Fong; the Commission’s Chief Executive, Mr Ashley Alder and senior bankers with operations in the Dubai International Financial Centre (DIFC). The DFSA hosted a dinner which was attended by the Financial Secretary as Guest of Honour and a number of senior government and financial industry figures including the Chairman of Hong Kong Exchanges and Clearing Ltd.
In Singapore, the DFSA met with HE Tharman Shanmugaratnam, Deputy Prime Minister and Minister of Finance of Singapore and Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, as well as with several senior bankers and the Chief Executive of the Singapore Exchange.
Mr Saeb Eigner, Chairman of the DFSA said: “Ensuring that we have regular dialogue with our counterparts in other jurisdictions enables us to keep up with international market trends, regulatory developments and policy formulation and implementation in financial and monetary matters.” Mr Eigner added that he was pleased to have received such favourable comments regarding the speed in which Dubai is realising the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, in making the DIFC the premier financial centre in the Middle East. As well as receiving comments on DFSA’s world-class regulatory and legal framework and the infrastructure of the DIFC.
“Singapore and Hong Kong provide world-class financial centres with excellent reputations. Dubai not only complements theirs but also fills a geographical void between the West and East” Mr Eigner concluded.
The DFSA delegation also included Board Members Mr Robert Owen and The Hon Apurv Bagri, together with the Chief Executive designate Mr Ian Johnston.