Standard Chartered & Dubai DET Forge Business Development Pact
September 19, 2023
In a significant step for cross-border collaboration, Standard Chartered Bank in Hong Kong has signed a memorandum of understanding (MOU) with Dubai's Department of Economy and Tourism (DET). This strategic alliance aims to foster business growth and development between Hong Kong and Dubai.
The MOU outlines several key areas where Standard Chartered and DET will deepen their cooperation. These areas include the promotion of capital market activities, fintech, virtual asset industries, family offices, and asset management. Furthermore, the two entities are committed to developing innovative sustainable and green financing solutions.
A significant part of this collaboration will involve the development of innovative solutions to support trade and commodity financing for imports, exports, and re-exports. Moreover, Standard Chartered and DET will actively promote the incubation and development of startups and tech-based service providers, fostering the creation of cutting-edge solutions for banking, financial, investment, and capital market transactions.
To ensure the successful implementation of these objectives, Standard Chartered and DET will establish a joint working group. This group will deliberate on the best strategies to achieve the outlined objectives, as per their joint statement.
This partnership between the Hong Kong bank and DET signifies a promising leap towards international cooperation, promoting business growth, and encouraging innovation in key industries. It presents a model for how strategic alliances can drive economic development across borders.
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