The decision to include these banks is seen as necessary as several banks from these countries are already licensed in Hong Kong.

Hong Kong is planning to allow banks from Qatar, the United Arab Emirates, and Liechtenstein to offer guidance on its industry sector, as part of efforts to enhance collaboration with the Middle East.

The Legislative Council’s Panel on Financial Affairs in Hong Kong has suggested a modification to a section of the Hong Kong Association of Banks (HKAB) Ordinance. The change will include the aforementioned three countries in a list of constituent regions, which currently consists of 21 regions and territories, reports said.

The ramping up of efforts between Hong Kong and the region comes as both areas intensify their engagement in various fields such as finance, technology, and logistics.

The proposal comes shortly after Eddie Yue Wai-man, the CEO of the Hong Kong Monetary Authority (HKMA), the de facto central bank of the city, visited the UAE for three days to promote Hong Kong’s status as a leading international financial hub.

“The strong economic ties between the UAE and Hong Kong lay a solid foundation and practical need for our banking and investment ecosystems to mutually thrive and optimise,” Yiu said during lunch in Dubai on 31 May.

“As we are forging ahead with our new initiatives to fortify our ecosystem and create new opportunities, Hong Kong certainly has much to offer.”

The suggestion to incorporate banks from the region, announced on Tuesday, is anticipated to be presented to the consultative council, which serves as the highest executive body of the HKAB.

Formal discussions on the proposal are expected to take place this year.

The decision to include these banks is seen as necessary due to the fact that several banks from the GCC countries are already licensed in Hong Kong under the HKAB Ordinance.

In accordance with the current regulations, all licensed banks in the city are required to join the HKAB, which presently has approximately 152 members.

“The proposed amendments of Schedule 1 [list of constituent regions] aim to facilitate the banks to be eligible to [become] elect members, or to be elected to the consultative council, hence enabling all current member banks of the HKAB to be regionally represented on the consultative council,” the proposal said, according to reports.