The governments of Hong Kong and Switzerland have inked three memorandums of understanding (MoU) to promote the development of the financial services industry in the two markets.
The first MoU was signed by the Hong Kong Monetary Authority (HKMA) and the Swiss State Secretariat for International Financial Matters (SIF). Under the agreement, the two parties committed to improve cooperation in wealth management, RMB internationalisation, infrastructure financing as well as international financial matters.
The second agreement was signed between the Swiss Financial Market Supervisory Authority (FINMA) and HKMA. The agreement aims to bolster ties between the two jurisdictions in the fintech space.
The third MoU was inked between the Hong Kong Private Wealth Management Association (PWMA) and the Swiss Bankers Association (SBA). The agreement aims to promote private wealth management development in the two markets.
In September 2017, the two countries first initiated a dialogue on issues pertaining to collaboration in financial services.