Dubai International Financial Centre Eyes Collaboration With Hong Kong In Fintech

According to Odaily, officials from the Dubai International Financial Centre (DIFC) have expressed their interest in strengthening and promoting cooperation in the rapidly developing fintech ecosystems. Jacques Visser, the Chief Legal Advisor of DIFC, stated that the focus of virtual asset regulation is increasingly on cross-border regulation. He mentioned that they are in close communication with other regions, including Hong Kong, encompassing all tokenized assets and assets with trading value under Web3. A lot of work, including cooperation and coordination on cross-border regulation, is currently underway. Visser believes that there is a significant potential for cooperation between Dubai and Hong Kong, particularly in the area of payment services. He stated that payment services are key to the future of finance and fintech, and he believes there are many areas both parties are interested in promoting. Furthermore, for Dubai, Hong Kong serves as a bridge to mainland China, which is the United Arab Emirates' largest trading partner.