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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) and Bank Negara Malaysia (BNM) held a bilateral meeting today (August 28) in Kuala Lumpur to discuss bilateral economic and financial issues and to consider initiatives that help promote financial market development in Hong Kong and Malaysia.
Following these discussions, the HKMA and BNM have agreed to continue to further strengthen co-operation through collaborative arrangements to deepen trade and investment linkages. The joint efforts will cover, among others, offshore renminbi business development and the internationalisation of Islamic finance.
In the area of renminbi (RMB) business, private-sector led dialogues to discuss developments in RMB business will be initiated to facilitate greater trade and investment activities. It will leverage on the already strong and increasing trade and investment links between Malaysia, Hong Kong and Mainland China. Financial institutions from Hong Kong and Malaysia, as well as the HKMA and BNM, will participate in this initiative. The first meeting will be held in Kuala Lumpur later this year.
Another area of discussion was on Islamic finance. Building on the on-going co-operation between the HKMA and BNM, and the momentum of the passage of the Islamic Finance Ordinance* in Hong Kong, the two organisations will set up a private-sector led joint forum for advancing the development of Islamic finance in Hong Kong. This is envisaged to open up new business opportunities in Islamic finance in both places. The first meeting of the joint forum will be held in Hong Kong later this year.
The Chief Executive of the HKMA, Mr Norman Chan, said, "I am pleased to be able to strengthen our collaboration with BNM on a number of bilateral initiatives that help promote financial market development in Hong Kong and Malaysia. I trust our collaboration will continue to be fruitful and bring about a win-win situation for both of us."
The Governor of BNM, Dr Zeti Akhtar Aziz, said, "Today's discussions reflect the commitment of both BNM and the HKMA towards deepening our already strong bilateral ties. We will work together to create a conducive ecosystem which will further facilitate deeper and expanded economic activity between Malaysia and Hong Kong."
* Inland Revenue and Stamp Duty Legislation (Alternative Bond Schemes) (Amendment) Ordinance 2013, which was gazetted on July 19, 2013.
Ends/Wednesday, August 28, 2013
Issued at HKT 19:55
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