On 10 September 2026, four Hong Kong and Dubai institutions established a Strategic Working Group,1 which includes the Hong Kong Monetary Authority and Hong Kong Exchanges and Clearing Limited and are joined by the Dubai Financial Services Authority and Nasdaq Dubai. The group aims to strengthen ties between Hong Kong and the Dubai International Financial Centre. Its focus areas include sustainable finance, Islamic finance, innovation and capital markets development. Market connectivity between the two centres is also within its remit. The announcement came at the third HKMA-DFSA Joint Climate Finance Conference in Hong Kong. More than 350 participants attended in person and online. The four institutions signed Terms of Reference for the group. The group provides a formal framework for existing regulatory and market dialogues. It supports development of the Middle East and Asia economic corridor. For digital asset firms, the innovation workstream links two active virtual asset jurisdictions.
It brings together regulators and exchanges in Hong Kong and the DIFC to explore opportunities and develop collaborative initiatives across sustainable finance, Islamic finance, innovation, and broader capital markets development and markets connectivity.1 The four institutions will collaboratively work for progress in ongoing regulatory and market dialogues, "providing a more formal framework to deepen cooperation, align priorities, and support practical outcomes",1 by exchanging insights on market developments and explore areas for future collaboration.
On the DIFC side, the DFSA is the integrated regulator for financial services and markets in the free zone, including supervision of Nasdaq Dubai. On the Hong Kong side, the regulatory party is the HKMA, not the Securities and Futures Commission. Any initiative that reaches listing, cross trading or market access arrangements would engage the SFC's statutory remit in Hong Kong, so the group's current form points towards banking, payments, sustainable finance and infrastructure workstreams before securities market linkage.
The Statements
"The Strategic Working Group marks another key step in deepening our institutional ties and market connectivity. By developing this collaboration mechanism, we are establishing a dedicated platform to better understand and align strategic priorities, as well as exploring new initiatives to facilitate smoother trade and investment between Asia and the Middle East," said Mr Eddie Yue, Chief Executive of the HKMA.1
"This initiative reflects the maturing of our shared commitment to collaboration, knowledge sharing, and the discovery of greater mutual benefits within the Dubai-Hong Kong corridor. Cross-market connectivity helps both markets and offers investors greater choices and rewards across both financial centres," said Mr Mark Steward, Chief Executive of the DFSA.1
The regulators in the above describe a progression from event partnership to standing mechanism. The conference began as a joint HKMA and DFSA initiative, HKEX and Nasdaq Dubai joined as strategic partners in its second year, and the third edition has now produced a signed institutional framework.
"Global capital flows are increasingly being shaped by the growing economic ties between Asia and the Middle East. As leading international financial centres at the heart of their respective regions, Hong Kong and Dubai have complementary strengths that can help facilitate the two-way flow of capital, ideas and opportunities between the two regions. HKEX's growing commodities presence in Dubai, together with our engagement with exchanges across the UAE, reflects our long-term commitment to this dynamic corridor. The Strategic Working Group is an important next step in translating that commitment into action by deepening collaboration, advancing market connectivity and supporting innovation and sustainable growth," said Ms Bonnie Y Chan, Chief Executive Officer of HKEX.1
"This Strategic Working Group builds on the strong collaboration between Dubai and Hong Kong. Nasdaq Dubai's position as a leading international hub for fixed income and Islamic finance listings provides a strong platform to connect issuers and investors across the Middle East and Asia, particularly in Sukuk and sustainable finance. We look forward to strengthening this collaboration and enhancing market connectivity between the two regions," said Mr Hamed Ali, Chief Executive Officer of Nasdaq Dubai and Dubai Financial Market.1
The exchanges in the above each anchor the group in a commercial priority. HKEX points to its commodities presence in Dubai and wider UAE engagement. Nasdaq Dubai points to Sukuk and sustainable finance listings as the product channel through which Asian investors would meet Middle Eastern issuers.
Reporting from the conference records that Mr Steward stated the group plans to hold its first meeting in November 2026.2 The same reporting states that the group aims to promote cooperation in sustainable and Islamic finance including through tokenisation technology supporting capital market transaction settlement and cross border payments, and that Mr Yue observed that global green classification frameworks and disclosure standards vary.2 The joint release itself does not refer to tokenisation. Readers should treat that element of the scope as reported rather than formally announced.
Footnotes
- Hong Kong Monetary Authority, "HKMA, HKEX, DFSA and Nasdaq Dubai establish Strategic Working Group to deepen cooperation between the financial markets", joint press release, 10 September 2026, available at www.hkma.gov.hk; Hong Kong Exchanges and Clearing Limited, news release, 10 September 2026, available at www.hkex.com.hk.
- The Standard (Hong Kong), reporting on the HKMA-DFSA Joint Climate Finance Conference, 10 September 2026.
- Stablecoins Ordinance (Hong Kong), in force 1 August 2025; Dubai Financial Services Authority, crypto token regime, in force November 2022.
- Dubai Law No. 4 of 2022 Regulating Virtual Assets in the Emirate of Dubai, establishing the Virtual Assets Regulatory Authority with jurisdiction excluding the DIFC.
